Buying a publishing or media business in Florida

These companies publish something people read, watch or listen to: community newspapers and magazines, trade publications, newsletters, directories, local news and niche websites, podcasts, and sometimes a radio station.

Revenue comes from advertising (print and digital ads, sponsorships, classifieds), subscriptions and memberships, events, and for some newspapers, legal notices that governments and courts must publish. Some of it repeats, like annual advertiser contracts and paid subscribers, but much is sold month to month by an ad salesperson calling on local businesses.

What you're really buying is an audience and the trust of the people who advertise to it: the name, the subscriber and email lists, the domain and website, the archive, the social accounts and the relationships. Teams are small: an editor, a few writers or freelancers, one or two ad salespeople and a designer. Outside companies usually handle printing and delivery under contract.

• An audience you can verify yourself: paid subscribers, an email list with real clicks and replies, and web analytics you can log into.
• Many advertisers, most of whom come back year after year, rather than a few large ones.
• A growing share of revenue from digital ads, subscriptions and events, not just print.
• Advertiser relationships that belong to the company, not only to the owner or one salesperson.
• Clear ownership of the content, photos, archive, domain, social accounts and trademarks.
• Printing, paper and postage costs that are known and under control.
• A clear identity that readers recognize and would miss.
• A publishing schedule the team keeps without the owner writing or selling every issue.

Florida has no state license to publish. Expect a local business tax receipt from your county and city, and registration with the Florida Department of Revenue if you sell anything taxable. Ask an accountant which of your products are.

If the business earns money from legal notices, the newspaper has to meet the qualifications in section 50.011, Florida Statutes. It must be published at least weekly, and it must either reach a minimum share of local households and have enough public outlets, or qualify for periodicals mail in its county. Florida also now lets local governments post many notices on a public website the county designates, instead of in a newspaper, when that costs less (section 50.0311). Check whether this revenue is shrinking where the paper publishes.

A radio or TV station's FCC license can't be assigned, and control of the company that holds it can't change, until the FCC approves. Plan the closing around that review.

Rights are the other big item. Content, trademarks and domains transfer by written assignment, and freelancers generally own what they create unless a written agreement says otherwise. Have your attorney review these.

• Revenue by source and advertiser. How much comes from the biggest advertisers, how revenue has changed over time, and how much depends on legal notices.
• Audience claims. Compare the circulation and traffic the seller reports with audits, analytics and the email platform. Make sure the email list was built with subscribers' permission.
• Platform risk. A site that gets most of its traffic from search or social media can lose much of it after one algorithm change.
• Print costs. The printer contract, postage and distribution routes, and what happens if the printer closes.
• Rights and claims. Freelancer and photo agreements, any threatened defamation or copyright claims, and whether the company carries media liability insurance.
• Key people. The editor and top ad seller, and whether they'll stay.

• Who are your biggest advertisers, and how long have they been with you?
• How has revenue from print, digital, events and legal notices changed over the last few years?
• Could I log into the analytics and email platform myself?
• Who sells most of the ads, and would advertisers follow that person if they left?
• Does the company own all its content, photos and archives, including freelancers' work?
• Have you had any legal threats over something you published?
• How have printing and mailing costs changed, and what have you done about it?