F+W Media, the former publisher of now-defunct MemoryMakers Magazine, has announced that it has acquired New Track Media LLC, the publisher of the new Paper Crafts & Scrapbooking digital magazine, which was created out of the combination of Creating Keepsakes and Papercrafts magazines.
The two companies have something of a history between them – New Track Media was founded in 2006 by Stephen J. Kent, the former president and CEO of F+W, and New Track’s upper management is populated with many former F+W executives. Folio is reporting that Kent and CFO Mark Arnett will be leaving New Track as part of the acquisition.
F+W has been in an acquiring mode of late, acquiring three crafts-related companies (Interweave, Martha Pullen Company, and Love Sewing) in the past 18 months. The company now identifies more than 60% of its income as coming from craft verticals, and quotes craft industry reports that indicate 66 Million U.S. households identify a member as a crafter and that in total these crafters spend upward of $31 Billion annually on supplies, online and in-store. “The craft market is sizeable – and growing,” says David Nussbaum, Chairman & CEO, F+W Media.
According to Folio, New Track had been for sale since last summer and F+W was the buyer of last resort.
Terms of the deal were not released.