Sandler Media backs Lang - Sandler Media Group; Lang Communications CEO Dale Lang

After two years of searching, Dale Lang, CEO of Lang Communications, has finally found a backer to buy out Time Inc.'s 50 percent stake in Working Woman and Working Mother, as well as the portion of Sassy held by Citibank Venture Capital. On February 18, Lang reached a tentative agreement with the New York-based Sandler Media Group that will provide major refinancing of the Time Inc.-shared titles. Sandler also becomes a partner in Sassy and Lang's fourth title, Ms.

The deal marks Sandler s first venture into magazines, but the firm is no stranger to the media industry having more than $600 million in capital committed to media companies. Sandler may eventually take on an additional magazine-based investor, says John Kornreich, a general partner at the firm. He is pledging a hands-off role at Lang. "We'll have a wonderful relationship with Dale if we talk with him only once a quarter at the board meeting." The four magazines are estimated to have annual revenues of about $50 million to $60 million, but were operating at little better than break-even owing to interest payments and high overhead, sources say. The company employs about 200 people.

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