Long Beach, California – After founding the Long Beach Business Journal more than three decades ago, Owner George Economides has sold his company to Pacific Community Media (PCM), a subsidiary of Pacific6, a Long Beach-based community investment and development firm made up of six local partners, including businessman John Molina.
“I’m happy to sell to a fellow Long Beach booster,” Economides said. “John has vowed to treat our employees and the business’s legacy with respect, and he has the resources to implement additional offerings to our advertisers and readers that we’ve been wanting to start for years.”
A primary impetus behind Economides selling his business was having suffered a stroke in March 2019. His daughter, April Economides, jumped in as the publisher to run the business and facilitate the company sale. “As his only child, I felt an obligation to keep the business running for the sake of my dad, the employees and the community,” she said. “The LBBJ is too important to the Greater Long Beach region to just close suddenly. It deserves a good transition.”
Pacific Community Media assumes ownership of the Long Beach Business Journal on February 4, 2020. In June 2018, PCM acquired the Long Beach Post, which has since quadrupled its editorial and business staff over the past 18 months.
Long Beach Post Publisher David Sommers will also become publisher of the Long Beach Business Journal. The Post’s Managing Editor Melissa Evans, Operations Director Dennis Dean and Advertising Director Andrea Estrada will provide transition leadership and support. The Business Journal’s employees also accepted offers to retain their positions.
“As a fellow local independent newsroom, we have a particular understanding and appreciation for the achievements of George, April and the entire Long Beach Business Journal team,” Sommers said. “The Business Journal will remain local. It will be in good hands and we will be mindful caretakers of the legacy and the work of this important publication.”