Blackstone, a New York investment firm, announced today it's buying International Data Group from the Chinese company that had acquired it in 2017. IDG runs a market consulting service and a variety of Web sites focused on IT buyers and sellers, both in the US and abroad.
IDG, which earlier this year was acquired by a Chinese company, is laying off a sizeable number of employees, possibly more than 90 editors and reporters in newsrooms in Framingham and California.
Boston-based IDG announced today it's being purchased by China Oceanwide Holdings Group, a banking and financial concern with some media holdings. Read more.
CIO reports that Patrick McGovern, who sold his car in 1964 to start what became a worldwide chain of technology publications and consulting firms, has died at 76.
An MIT graduate, McGovern donated $350 million to MIT to start the McGovern Institute for Brain Research.
The Massachusetts Appeals Court today rejected a request from Boston-based publisher IDG for abatements on taxes for payments to one subsidiary from other subsidiaries.
IDG, which publishes technology magazines and Web sites around the world, had sought an abatement on excise taxes owed in 1992, 1993 and 1994, arguing that royalties paid by its various subsidiaries for use of the brand's "world" logo (think Computerworld and PC World, both IDG subsidiaries) to an IDG subsidiary called IDG Holdings should not be counted toward IDG's overall corporate income.
Folio reports that Boston/Framingham-based IDG today cut 8% of its US staff and smushed all of its business-to-business publications into a single unit. This comes atop 10% pay cuts for B2B employees last month.
Paul Conley (who actually broke the story), discusses.
Ed note: If anybody needs to hire an outstanding online video and audio editor suddenly free of his previous responsibilities, let me know.
I just became a statistic. Now to figure out if I can do this Universal Hub/bloggy thing full time and actually make money at it (well, enough to support a family on, that is).
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