Nashville-based American Songwriter magazine has been purchased by a Mobile, Ala.-based investment group for an undisclosed price.

Nashville-based American Songwriter magazine has been purchased by a Mobile, Ala.-based investment group for an undisclosed price.

The previous owner and publisher, Jim Sharp, has stepped down. The bi-monthly magazine's new management team, associate publisher Robert Clement and editor Douglas Waterman, plan to increase the publication's newsstand distribution.

American Songwriter marks its 20th anniversary this year.