Target Market News Acquires Black Issues Book Review

Deal combines the resources of the nation's only magazine on African-American book publishing and the leading research firm on black consumer marketing and media.

New York, NY (PRWEB) March 10, 2006 -- Black Issues Book Review, the nation’s leading magazine on African-American book publishing, has announced that it has been acquired by Target Market News, Inc. The bi-monthly magazine that chronicles the latest developments of black authors, publishing executives and booksellers, was sold by Cox, Matthews & Associates, Inc. of Fairfax, VA. Terms of the purchase were not disclosed.

“This transaction means that Black Issues Book Review will have the opportunity to become even stronger in its role as a platform for African-American authors and books,” said William E. Cox, founding publisher of BIBR and president of Cox, Matthews & Associates. “As a result, we believe that our readers, advertisers and the book industry at large will continue to benefit from the one-of-a-kind perspective that BIBR offers.”

“Bill and the BIBR team have built a quality magazine that serves a unique and much-needed mission in publishing,” said Ken Smikle, president of Target Market News. “We are excited about the opportunities for continued growth and greater service to our readers that will come from joining our businesses.”

BIBR magazine was founded by Cox in 1999 as a national forum for critical discussion of fiction and nonfiction titles by black authors. Within months of its debut, Black Issues Book Review was named one of the “Ten Best New Magazines” by the American Library Journal.

BIBR was one of three titles published by the 20-year-old Cox, Matthews & Associates, including Black issues in Higher Education (now titled Diverse) and Community College Week, which it recently sold.

Target Market News is a Chicago-based news and research company that specializes in tracking African-American marketing, media and consumer research. The company publishes a daily business-to-business news bulletin through its Web site, TargetMarketNews.com. It also publishes “The Buying Power of Black America,” an annual report on black consumer spending.

Target Market News has experience in the book industry. It is regularly cited by the news media for its insights on African-American book expenditures. In 2001, the firm was commissioned by the Book Industry Study Group to conduct research on black book purchases. The subsequent report, “The African-American Book Buyers Study,” remains one of the few available studies on the African-American book market.

“Research is a vital component to expanding opportunities for African-Americans in all aspects of book publishing,“ said Smikle. “Through BIBR, Target Market News will be better positioned to provide the entire industry with insights on new trends and up-to-date research on African-American book readers.”

Black households spent $253 million on books in 2004, according to the latest figures from “The Buying Power of Black America” report published by TMN. The greatest growth in spending has come from books purchased from clubs through the mail and the Internet. Those dollars increased 244% between 2003 and 2004.

Beginning with its current circulation of more than 50,000 per issue, Target Market News plans to grow BIBR’s circulation, its presence in the publishing industry and to offer a broader perspective on the African-American literary experience to its readers.

“As the only media company devoted to the news and new works of black authors, we will greatly expand the distribution our content through print, digital and event vehicles,” said Smikle.

BIBR’s principal staff and business offices will continue to be based in New York City, and an additional office will be added in Chicago. Among the first changes planned will be a complete renovation of the BIBR Web site, www.bibookreview.com, and the introduction of an e-mail newsletter.

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