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The Philadelphia Business Journal will be acquired by American City Business Journals Inc. under an agreement reached this week. Terms of the transaction, which should be completed this summer, were not released.
American City of Charlotte, N.C., will acquire CityMedia Inc. of Minneapolis, which owns the Philadelphia Business Journal along with business journals in Boston, Milwaukee, Minneapolis, Pittsburgh and Sacramento, Calif. A unit of the privately held Advance Publications in New York, American City owns 29 business journals throughout the United States with a paid circulation of about 350,000 and total readership of about 1 million.
Ray Shaw, American City …