History
Target Media Partners was formed in April 1998 with the spin-off of the non-Los Angeles area publications of Recycler Classifieds, concurrent with the acquisition of Recycler Classifieds by The Times Mirror Company (now Tribune Company).
In 1993, DLJ Merchant Banking led a buyout of Recycler Classifieds, a Los Angeles-based publisher of free ad classified and car photo ad papers. DLJ Merchant Banking (now part of Credit Suisse Private Equity) brought a professional management team in to Recycler, led by Mark Schiffmacher and Susan Humphreville, currently CEO and CFO of Target Media. Over the next four years, this team grew Recycler's revenues at a compound annual rate of 26%, through a combination of internal improvements, new products, and an acquisition program spear-headed by Jack Humphreville, who now heads Target Media's acquisition effort.
Target Media's original start-up capital was provided by Times Mirror. In 2000, Target Media bought out Times Mirror's investment with the proceeds from a senior bank credit facility led by Wells Fargo Bank and subordinated debt and equity provided by affiliates of DLJ Merchant Banking. In 2003, we enlarged and extended Target Media's bank credit facility and prepaid our subordinated debt. Our bank credit agreement was extended and enlarged again in 2005 and includes a substantial and flexible acquisition revolver.
In the past nine years, we have more than quadrupled Target Media's revenues through same store growth, 23 successful acquisitions, and the development or relaunch of 38 websites. Our publishing profits have increased at an even greater rate than our revenues as a result of our variable cost structure, operating efficiencies and margin discipline. Our current portfolio of publications and websites has significant additional growth potential, and we are regularly working with owners, brokers, and media companies to structure acquisitions, partnerships and alliances to increase advertiser response, develop and extend our products and services, and add properties to our portfolio.
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