Florida-based Source Interlink Companies has completed its acquisition of Empire State News Corp. of Buffalo and a sister company, Empire State News of Jamestown.
Empire distributes magazines and other publications to about 1,000 retail stores in New York, Pennsylvania and Ohio, including Wal-Mart, Target, Tops and Wegmans.
Empire State News operates a location at 2800 Walden Ave. in Cheektowaga, which was acquired by Primary Source, a division of Source Interlink.
The purchase price was $1.7 million in cash, plus the assumption of certain assets and liabilities, resulting in about $7.6 million of goodwill, according to Source Interlink. Empire had revenues of about $24 million in 2003.
Empire's former president and chief operating officer, Larry Scheur, was named director of special projects for Source Interlink.