American Public Media Group is selling off the Greenspring Media Group, a for-profit publishing company that had become a financial drain.
The sale to Detroit-based Hour Media LLC allows APMG to concentrate on its service to public media audiences, President Jon McTaggart said in a statement. “In this increasingly dynamic media landscape, it’s crucial for our organization to keep our focus on what we do best – and that is creating indispensable content for our audiences,” he said.
APMG is the parent of both Minnesota Public Radio and American Public Media, distributor of series such as Marketplace and A Prairie Home Companion.
Greenspring publishes specialized lifestyle magazines and guidebooks, some of which cater exclusively to Minnesotans (Minnesota Monthly, Midwest Home, Twin Cities Living), and nationally distributed publications (Drinks, Real Food). The company also offers custom publishing services. Hour Media already manages a similar lineup of lifestyle publications.
APMG’s audited financial report for fiscal 2012 doesn’t include details of the for-profit affiliate’s financial status, but does report that as of June 30, 2012, Greenspring was carrying forward more than $8.6 million in gross federal and state net operating losses.