Crain Communications, the former parent company of TVWeek and the owner of 21 print publications and 34 digital-only news sites, has had an ownership shakeup, with longtime company President Rance Crain selling his family’s 50% stake to his brother, Chairman Keith Crain.
Keith Crain and his family now own all of the company.
Rance and Keith Crain are the sons of G.D. Crain, who founded Crain Communications in Louisville, Ky., in 1916. The company owns publications including Advertising Age, Automotive News, Autoweek, Crain’s Chicago Business, Crain’s New York Business, Investment News and Modern Healthcare.
In a statement, Rance Crain, who created TVWeek, said: “For my 57 years with the company my philosophy of business was simple: hire good people, and to use an old racehorse term, give them their head.
“My mom and dad set the tone — they treated our people with respect, and our people knew that they were appreciated. Now it’s time for me to open another chapter of my life, and I look forward to the challenge and opportunity.”
The Chicago Sun-Times reports: “Keith Crain appointed his sons to new posts, naming KC Crain president and chief operating officer, with Chris Crain serving as senior executive vice president. Rance Crain gave up his board position, as did his daughter, Cindi Crain.”