The Pilot, a newspaper in Southern Pines, is buying Business North Carolina magazine.
The newspaper announced in its Sunday edition that it has agreed to acquire the monthly regional business magazine from Red Hand Media, the Charlotte company that has owned it since 1998. Financial details weren't disclosed.
Business North Carolina, which has a circulation of 27,500, was founded in 1981. In 2012 it won a gold award for the nation's best regional business magazine from The Alliance of Area Business Publications.
"I think Business North Carolina's best days are in front of it," said David Woronoff, the Pilot's publisher. "We were able to buy a quality magazine at a good price and get a first-rate media executive at the same time."
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Red Hand Media is owned by David Kinney, the company's manager and the magazine's editor in chief, and his son Ben Kinney, the publisher. David Kinney, 65, will retire after the deal is completed, which is expected to happen this week. Ben Kinney will remain as publisher.
The Pilot already owns three regional magazines: PineStraw in the Sandhills, O. Henry in Greensboro and Salt in Wilmington. It also owns telephone directories in Moore and Lee counties and a bookshop in Southern Pines.
The Pilot has been owned since 1996 by five partners, including Woronoff, with prior ties to The News & Observer. They include Frank Daniels Jr., a former publisher of The N&O and Woronoff's uncle; and Frank Daniels III, a former executive editor of The N&O.
The Daniels family sold The News & Observer Publishing Co. – which included The N&O and, among other media properties, Business North Carolina – to the McClatchy newspaper chain in 1995.