Pacific Community Media, the parent company of the Long Beach Post, has purchased the Long Beach Business Journal, a twice-monthly publication that has operated for over three decades.
George Economides, who has served as publisher of the business publication since its first edition in 1987, said he was happy to sell his family-run business to a local buyer.
Pacific Community Media is a subsidiary of investment and development company Pacific6, which is made up of six partners, including businessman John Molina, the former CFO of Molina Healthcare.
Economides said in a statement that Molina “has vowed to treat our employees and the business’ 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.”
Molina’s company purchased the Long Beach Post, an online-only news organization, in June 2018. The Post has since quadrupled its editorial and business staff.
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 have also accepted offers to retain their positions.
Economides made the decision to sell the business journal after suffering a stroke in March 2019. His daughter, April Economides, has served as publisher in the interim.
“As his only child, I felt an obligation to keep the business running for the sake of my dad and the employees,” she said in a statement. “And for the community. The LBBJ is too important to the city to just close suddenly. It deserved a better transition.”
The business journal covers a wide range of issues, including trade, health care, financial services and real estate. It circulates primarily to Long Beach and Signal Hill.
Sommers said in a statement the publication 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,” he said.
The Post will take over ownership on Tuesday, Feb. 4.