Dominion Enterprises Completes Company Formation
Co-Owners of Trader Publishing Co. Finalize Division of Assets; For Rent® Now Part of New $850 Million Company
Norfolk, Va., September 21, 2006 - Dominion Enterprises, owner of For Rent, announced on September 12th, that it has completed the transaction announced in March to divide the assets of its predecessor company, Trader Publishing Company, between 50-50 co-owners Landmark Communications, Inc., Norfolk, Va., and Cox Enterprises, Atlanta, Ga.
The completion of this agreement gives Landmark 100-percent ownership of the media and information service properties in the employment, real estate, recreation, and industrial categories. Landmark’s assets now form a new company called “Dominion Enterprises.”
“We chose the name Dominion Enterprises to reflect our heritage as a Virginia-based company, as well as for its broad scope since our businesses span a wide variety of print and Internet assets,” said Chief Executive Officer Conrad M. Hall. For Rent is now part of a new media company that is committed to providing people with easy-to-access, reliable information so that they can make educated decisions in life — whether it’s renting an apartment, buying a home, seeking employment or making a major purchase for recreation such as a boat, motorcycle or RV.”
In addition to For Rent, Dominion Enterprises’ assets include: 503 paid and free magazine titles such as Harmon Homes®, The Employment Guide®, Boat Trader®, Cycle Trader® and RV Trader® with a combined weekly circulation of nearly 6 million; over 40 market-leading websites such as ForRent.com®, Boats.com, and Traderonline.comTM reaching over 8 million monthly visitors; data capture and distribution businesses such as Dealer Specialties®; and web services businesses across all the company’s industry categories, including Homes.com® and Yachtworld.com®.
“As a division of the nation’s newest media company, For Rent will continue its role as a leader in the multi-housing industry,” says Terry Slattery, Vice President and General Manager of For Rent. ”For Rent is the multi-family housing solution for apartment seekers, property managers and owners, providing superior print and internet products, outstanding customer service, and tangible results. In the future, we hope to open even more For Rent offices, providing apartment seekers in additional markets with the ultimate resource for locating over 50, 000 apartments for rent.”
As part of the agreement, Dominion will also own Dominion Distribution Services (DDS), formerly Trader Distribution Services, which operates the company’s network of free distribution racks located in supermarkets, mass merchandisers and other national retail chains. DDS is the nation’s largest distributor of free publications in the United States, delivering over 225 million magazines and other free media annually.
“Dominion Enterprises has industry-leading positions in all of its businesses,” said Hall. “Going forward, we will build on these positions through organic growth and strategic acquisitions. We will seek to invest in companies that complement our existing businesses or that represent high-growth opportunities in their own right. These acquisitions may include companies outside of our current media and information services segments.”
Prior to the division of assets by Landmark and Cox, Trader Publishing Company had annual revenue of $1.3 billion. Approximately $850 million of this revenue figure will now form the annual revenue base of Dominion Enterprises.
Dominion Enterprises is expected to move into new company headquarters located in downtown Norfolk in January 2007. Nearly 1,000 of Dominion’s 6,600 employees work in the Norfolk/Hampton Roads area.
Concluded Hall, “We greet the start of Dominion Enterprises with confidence in our ability to maintain the same high standards, work ethic, and commitment to customers that has been our hallmark.”
About Landmark Communications (http://www.landmarkcom.com/)
Based in Norfolk, Virginia, Landmark Communications, Inc. is a privately held diversified media company which owns The Weather Channel Companies, which include The Weather Channel network, weather.com, and Weather Services International, as well as newspapers, television stations and various Internet businesses. Landmark’s businesses employ more than 5,000 people.
About Dominion Enterprises
Dominion Enterprises, headquartered in Norfolk, Va., is a leading media and information services company serving employment, real estate, recreation, and industrial markets in the United States. The company has 503 paid and free magazine titles such as For Rent, Harmon Homes, The Employment Guide, Boat Trader, Cycle Trader and RV Trader with a combined weekly circulation of nearly 6 million; over 40 market-leading websites such as ForRent.com, Homes.com, and Traderonline.com reaching over 8 million monthly visitors; data capture and distribution businesses such as Dealer Specialties; and web services businesses across all the company’s industry categories. The company has 6,600 employees nationwide and estimated 2006 annual revenue of $850 million. For more information on Dominion Enterprises, visit http://www.dominionnterprises.com/.
About For Rent®
Headquartered in Norfolk, VA, For Rent® is a division of Dominion Enterprises. As the multi-family housing solution for apartment seekers, property/apartment managers and owners, For Rent provides superior products, outstanding customer service, and tangible results. For Rent is your apartment guide to help you find your next apartment for rent, townhouse, condo, duplex, efficiency, studio or loft and provides a free customizable search from over 50,000 apartment listings nationwide. For Rent operates For Rent Magazine, as well as ForRent.com®-The MagazineTM, and publishes 63 titles covering more than 190 markets nationwide, as well as Senior OutlookTM and Para RentarTM. For Rent operates four additional websites: ForRent.comTM, SeniorOutlook.comTM, CorporateHousing.com® and ParaRentar.comTM. We are a company dedicated to the needs of the apartment industry, bringing prospective residents and apartment communities together.
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Contact:
Wendy Froehlich
Marketing Director
Wendy.Froehlich@forrent.com
Phone: 757-961-4695
Fax: 757-282-6015
Tags: apartment, apartments, atlanta, businesses, headquarters, housing, industry, internet, leads, management, managers, norfolk, organization, Print, property, renting
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