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Publishers Weekly has been bought out by a company formed by the magazine's former publisher George Slowik. Parent Reed Elsevier had been looking to sell off its magazine division for some time.
According to PW, http://www.publishersweekly.com/article/455461-Former_PW_Publisher_Georg... target="_blank">PWxyz now owns the website publishersweekly.com and Publishers Weekly Show Daily.
The magazine said PWxyz would retain "all of PW's editorial, art, and advertising employees and the magazine will remain headquartered in New York City".
Cevin Bryerman will stay as publisher with Jim Milliot and Michael Coffey serving as co-editors.
Slowik ran PW in the late 1980s and early 1990s, leading the publication to record profits despite a poor economy.
In an interview with Crains New York, the new owner said that the magazine was profitable, and with its daily, weekly and monthly online newsletters, had a bigger audience than ever.
John Poulin, chief executive of PW's former owner Reed Business Information, said: "Given George's history with Publishers Weekly, we believe this will be a great match."