The Greensheet, which has been published in Houston for 48 years, has entered into a preliminary agreement to be sold to McElvy Media Group. The transaction is targeted to close on Sept.1, 2018.
The Greensheet was founded by Helen Gordon in 1970. Her daughter, Kathy Douglass, has been president of the company since 1993. The Greensheet is a targeted advertising publication that distributes more than 500,000 copies in Houston and Dallas, in 19 separate zones each week. In addition, TheGreensheet.com garners more than 1 million-page views monthly.
McElvy Media Group owns community newspapers in Houston and in Charlotte, North Carolina. In Houston, it publishes The Leader, the Fort Bend Star and the Fort Bend Business Journal. In Charlotte, it publishes the South Charlotte Weekly, Matthews-Mint Hill Weekly and Union County Weekly.
Jonathan McElvy, Frank Vasquez, Robb Reeves and Douglas McElvy will be owners of a new company, MVR Publishing, that will operate the Greensheet Media and its affiliated businesses.
Dirks, Van Essen, Murray & April, a media merger and acquisition firm based in Santa Fe, New Mexico, represented Greensheet Media in the transaction. Terms of the transaction were not disclosed.
The announcement was made today by Kathy Douglass, president of Greensheet Media. She said, “My dream has been for The Greensheet to celebrate a 100-year anniversary and the sale of the company keeps this dream alive. The decision to sell was difficult emotionally because after 48 years, it will no longer be a part of our family. I have faith and confidence than Jonathan McElvy, Frank Vasquez, Robb Reeves and Douglas McElvy will have success and carry the business into the future.”
Jonathan McElvy said, “My partners and I are honored that we’ve been able to work with Kathy to continue the rich legacy she and her mother Helen have built for almost 50 years. The Greensheet brand, in both Houston and Dallas, is a tremendous asset, and we understand there’s great responsibility in developing new and creative ways to leverage that brand.”