Publishers Weekly has been purchased by one of its former publishers, continuing Reed Business Information's sell-off of its trade publications.
The magazine, which covers the book industry, releases the PW Comics Week e-newsletter and, until recently, played host to The Beat. PW was bought by PWxyz, a company formed by George Slowik, who served as the magazine's publisher in the 1980s and 1990s.
According to PW, the new owner will retain all employees and remain headquartered in New York City. Cevin Bryerman will continue as publisher, with Jim Milliot and Michael Coffey serving as co-editors.
Reed's parent company, global-publishing giant Reed Elsevier, attempted to sell its entire magazine division in February 2008, but withdrew its plans when it couldn't get its asking price. It tried again in July 2009 to unload the publications as a group, but eventually had to resort to selling them separately.
Just last month Reed sold Library Journal and School Library Journal to Ohio-based Media Source Inc. (the School Library Journal website plays host to the Good Comics for Kids blog). Reed still owns Variety, MarketCast, Tradeshow Week and numerous other trade magazines.
Reed Elsevier also owns Reed Exhibitions, which produces New York Comic Con, the New York Anime Expo, BookExpo America and the Chicago Comic & Entertainment Expo.