Pacific Community Media, parent company of the Long Beach Post, has purchased the Long Beach Business Journal, it was announced Monday.
The amount paid for the twice-monthly publication was not immediately available.
George Economides, who has served as publisher of the business publication since its first edition in 1987, said in a letter published on the journal’s website that he made the decision to sell in March 2019 after suffering a stroke.
On Tuesday, businessman John Molina and his Pacific Community Media company will assume ownership and management. PCM owns the Long Beach Post and its publisher, David Sommers, will assume the role of Business Journal publisher, according to Economides.
PCM is a subsidiary of Pacific6, a Long Beach-based community investment and development firm made up of six local partners, including Molina.
“I’m happy to sell to a fellow Long Beach booster,” Economides said in a statement. “John has vowed to treat our employees and the business’ legacy with respect, and he has the resources to implement additional offerings to our advertisers and readers that we’ve been wanting to start for years.”
In June 2018, PCM acquired the Long Beach Post, which has since quadrupled its editorial and business staff.
“The Business Journal will remain local,” Sommers said. “It will be in good hands and we will be mindful caretakers of the legacy and the work of this important publication.”