Adams Publishing Group announced June 18 that it is purchasing Sun Coast Media Group, based in Venice, Fla., according to Gary Greene and Randy Cope of Cribb, Greene & Cope, which represented Sun Coast Media Group in this transaction.
Included in the sale are The Venice Gondolier, The Arcadian, The West Villages Sun, The Englewood Sun, The North Port Sun, The Charlotte Sun and The Charlotte Sun Times. Sun Coast Media Group is a family- and employee-owned company founded by Derek Dunn-Rankin in 1976.
CEO David Dunn-Rankin announced the sale to employees by saying, “After 42 years of family ownership, the Dunn-Rankin family has regretfully decided that the time has come to entrust Sun Coast Media Group to another family.
“Since the loss of our dad two years ago, we have realized that several members of our family have financial needs that can only be met if the company is sold. So, it is with genuine sadness that we made that difficult decision.”
APG principal Stephen Adams stated, “We are extremely excited to have the Sun Coast Media Group and its Associates join the Adams Publishing Group family. The SCMG newspapers are located in one of the great newspaper markets in the United States, with a solid employee group we are eager to welcome aboard our team.”
In a related transaction, David Dunn-Rankin is purchasing the daily Highlands News Sun and Polk County newspapers from Sun Coast Media Group, along with the Florida-based concerts business SunEvents.com. This will be APG’s first newspaper acquisition in Florida and will continue community-oriented family ownership for the SCMG newspapers. The only other family-owned newspapers in Florida are the Key West Citizen and the Villages Daily Sun. Terms of the APG/Sun Coast Media Group transaction were not disclosed.