By: Staff Reports
Unit Represents Less Than 3% Of Times Co. Revenues
The New York Times Co. and Advance Publications Inc. announced
Wednesday that Advance will purchase the New York Times golf
publications, including Golf Digest, Golf Digest Woman, Golf
World, Golf World Business, and GolfDigest.com. The
announcement was made by S.I. Newhouse Jr., chairman of Advance
Publications, and Russell T. Lewis, president and CEO of the
Terms were not disclosed. The Associated Press quoted industry
sources saying the deal could be as high as $400 million.
Newhouse said the newly acquired titles would act as an
independent unit of Advance’s magazine group.
“Our magazine group now represents less than 3% of our total
revenues,” Lewis said. “We believe this sale will allow us to
focus our resources on our larger businesses and thereby increase
the value of our company to our shareholders.”
Subject to regulatory approval, the transaction is expected to be
completed in the second quarter.
Advance also owns Conde Nast Publications, Parade Publications,
Fairchild Publications, ACBJ Business Journals, and newspapers in
more than 20 American cities. The company has extensive interests
in cable television and the Web.
Copyright 2001, Editor & Publisher.