Penton Media, parent company of BEEF magazine and BEEF Daily, has acquired Farm Progress from Fairfax Media Limited of Sydney, Australia, significantly expanding its agriculture sector footprint to become the largest and most diversified agriculture information business in North America, offering live events, digital products, data, marketing services and publications. This acquisition directly supports a key Penton strategy of increasing investment in existing sectors that offer strong long-term growth potential, and it more than doubles Penton’s position in agriculture, which becomes the company’s largest sector group. The purchase price was $79.9 million before certain adjustments.
The acquisition boosts Penton’s U.S. agriculture market coverage, connecting it to nearly 75% of the 2.2 million farms and ranches in the U.S. and an estimated 85% of the nation’s annual agricultural gross domestic product.
Farm Progress features four of the industry’s leading farm trade events, including the nation’s largest outdoor farm show, a robust broadcast division and many well-established media brands. They join Penton Agriculture’s portfolio of market-leading franchises.
Agriculture: a long-term, global growth industry
“Our investment is supported by several inarguable global economic trends including rising demand for nutrition, limited arable land and water, and strong export potential for agriculture products, capital equipment and related production technology into developing countries,” says Penton CEO David Kieselstein.
“The world looks to the U.S. as the center of innovation in agri-science, which gives Penton a unique opportunity to help this industry grow both domestically and internationally,” he says.