U.S.-based Black Book has acquired William Ward Publishing, best known for its Canadian Black Book vehicle values, for an undisclosed sum.
The deal, announced by Richard Malloch, president of Hearst Business Media, will see the Canadian unit added to the massive company's widely diversified portfolio.
“Adding William Ward Publishing to our group furthers our ability to deliver essential vehicle pricing data and innovative delivery systems to our customers throughout North America,” Mallock noted in the release.
The company also stressed that despite its new U.S. owner, all data collection and publishing will continue to be based on Canadian market transactional information gathered from multiple sources across Canada.
Bill Ward founded William Ward Publishing in 1961. Over the last five decades the company has evolved from a distributor of printed guides to a technology company and recognized consumer brand with products like Trade-in Value, Future Value and Average Asking Price.
Kathy Ward, daughter of Bill, will remain as executive chairman of the company and Brad Rome, currently the V-P of sales and marketing, has been named president.
“Black Book is the perfect home for us and a natural fit,” Ward said. “Today marks an exciting new era for our company and our customers – we are delighted to join forces with a true leader in the auto industry.”
Hearst Business Media properties currently include 15 daily and 34 weekly newspapers, including the Houston Chronicle and San Francisco Chronicle; hundreds of magazines including Cosmopolitan, ELLE and The Oprah Magazine; 29 television stations including A&E and ESPN; significant holdings in automotive, electronic and medical/pharmaceutical business information companies and much more.