State 23 Media, LLC Announces Acquisition of Maine Media Collective's Assets

PORTLAND, Maine, June 13, 2018 /PRNewswire/ -- State 23 Media, LLC has acquired all print, event, and digital media assets from Maine Media Collective, including Maine magazine, Maine Home+Design, and Old Port magazine. Formed with the purpose of acquiring these prominent Maine brands, State 23's investors include media and business leaders from Maine, New England, and other national markets. Adam Japko, the founder and CEO of Esteem Media (New England Home, Atlanta Homes and Lifestyle, Design Bloggers Conference, etc.) is a lead investor and will work closely with Andrea King, who will lead these brands as CEO. Sandy Spaulding, a long time Maine business leader, is another key member of the investor group and will draw on his local experience to help insure the formation and future success of the company.

"We're confident Adam and his team's experience and expertise with national and local media properties will propel our business forward and allow us to continue making a positive impact on the state we love," said Andrea King, publisher and CEO of State 23 Media. "This group of people invested in our magazines because they believed in our talented team, the editorial mission, and the passionate community we've connected and created around our media brands. We're excited to continue sharing unique and compelling stories about Maine and its people, helping local businesses grow, and investing in the state's creative community."

"As publishers of New England Home," according to Japko, "we watched the amazing connection and energy these Maine media brands created in their market. Since 2005 we have been acquiring best in class regional media around the country, so getting this unique opportunity to invest in Maine's local media and business communities made tremendous sense to us. As we have with our other properties, we will provide capital and a framework for the local team to create print media, online media, and events that produce meaningful results for local businesses and consumers."

"My wife, Jill Hinckley, and I are pleased that we were able to assemble an outstanding team of media professionals to collaborate with a tremendous group of local leadership and staff at these venerable media brands," said Spaulding. "We have deep roots and a love of Maine and are pleased to support our Maine community."

State 23 Media's ownership team, which is comprised of individuals with no prior connection to Maine Media Collective, includes:

-Adam Japko, CEO of Esteem Media, founder of Design Bloggers Conference and Managing Partner of New England Home Magazine. Japko has run consumer and B2B media properties and companies since 1980. Most recently, he acquired and ran local home design magazines for Network Communications while launching social media and content marketing solutions and events for the national design industry.

-Sandy Spaulding, President of Sea Glass Capital Advisors, a financial and management advisory firm in Portland. He also is Chairman of Barton & Gray Mariners Club, the leading luxury yachting membership club in the United States, Chair of the Maine Technology Institute and Managing Director of Business Development for Hodgdon Yachts.

-Jill Hinckley, owner of Hinckley Introduction, a matchmaking agency in Portland. Hinckley worked for years at Hinckley Yachts, founded by her grandfather in Southwest Harbor, and later became managing partner at Teak and Holly, a marine industry recruiting firm.

-Gary Mueller is a serial entrepreneur with extensive experience in the media, data and technology sectors. He is currently Chairman of LiquidX, the largest exchange for trade assets. Mueller sold his first company, a global data business with offices in 29 countries, to Institutional Investor, a media company covering the financial services industry, which he then led as CEO. He is also a partner in New England Home Magazine.

-Chris Legg is a financier of media and technology companies. He is a Partner and Senior Managing Director at Progress Partners, a Boston and New York based investment bank and General Partner at Progress Ventures, the firm's venture capital arm. Chris is a Managing Partner of New England Home Magazine.

-Gerry Parker, COO and CFO of some of the largest local media companies in the US, he recently as COO/CFO of Network Communications, Inc, an Atlanta based local media company that published more than 400 local magazines around the country in housing markets.

-Bruce Hallett, President and CEO of Stuart Dean Company, has served as President of Sports Illustrated and Time Magazine, and Managing Director of Time Inc. Magazines South Pacific, in Sydney, Australia

-Karen Weltchek Mueller is a Boston-based management consultant and entrepreneur. She is a graduate of Harvard College and the Stanford Graduate School of Business, and an alumna of McKinsey & Company. She is Co-Chair of the Advisory Board of the American Repertory Theatre, Chairman of the Overseers of the Friends of Harvard and Radcliffe Rowing, and a trustee of the Dexter Southfield School.

The sale of the company occurred on Wednesday, June 13, 2018. The purchase does not include Art Collector Maine or its gallery, Portland Art Gallery.

About State 23 Media: The company is focused on acquiring, launching, investing in, and expanding media properties in Maine that rely on connected communities of trade professionals and enthusiastic consumers. Current businesses include Maine magazine, Maine Home+Design, Ageless Maine and Old Port magazine, as well as producing events and marketing/branding services.

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SOURCE Maine Media Collective