Industry News

Citigroup subsidiary acquires real estate advertiser

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A Citigroup investment subsidiary has acquired Network Communications Inc., a leading publisher of local residential real estate advertising. The terms of the acquisition were not announced. Citigroup Venture Capital Equity Partners LP, a private equity fund, announced the acquisition this month. Network Communications publishes about 500 real estate-related magazines in the United States and Canada, distributing about 12 million magazines each month in about 550 markets. Its publications include The Real Estate Book, New Home Finder, Apartment Blue Book, Apartment Finder, Mature Living Choices and Unique Homes, among others. The company is a former wholly owned subsidiary of Gallarus Media Holdings, Inc. Gallarus Media Holdings Inc. and ABRY Partners LLC of Boston had earlier acquired Network Communications Inc. in 2002. Network Communications also has a substantial online presence, partnering with Citysearch to build the real estate advertising site. Net...