The N.Y. Times is selling its tennis, skiing and
sailing magazines to "concentrate" on golf titles, Golf
Digest and GolfWorld, according to Angela King of the N.Y.
DAILY NEWS. Magazines for sale include Tennis, Tennis
Buyer's Guide, Cruising World, Sailing World, Snow Country
and Snow Country Business. These titles "generated" $44M in
revenue for the Times last year, "but are seen as lagging"
(N.Y. DAILY NEWS, 3/20). The golf titles and related
operations "posted revenue" of about $100M last year,
according to Paul Tharp of the N.Y. POST. No price was
placed on the publications but "they could fetch" as much as
$70M, according to industry sources. Tennis is the largest
magazine of the group for sale, with a circulation of about
775,000. Among "potential buyers mentioned was Petersen
Publishing, headed by Claeys Bahrenburg" (N.Y. POST, 3/20).
Prudential Securities analyst James Marsh estimated the
group could sell for $80-120M. Marsh: "There's probably a
boatload of buyers." The sale will affect about 160
employees, and the Times Company is also selling its
headquarters in Newport, RI, for Cruising World and Sailing
World. The Jordan, Edmiston Group Inc. will handle the sale
(N.Y. TIMES, 3/20).
INSIDE MEDIA CLOSES: Cowles Business Media's Inside
Media is "suspending publication" after eight years and its
assets are being sold to BPI Communications, parent of
Adweek, Brandweek and Mediaweek. Cowles Business Media
President Daniel McCarthy: "The publication, while
profitable, didn't meet our goals." Inside Media had a
circulation of about 20,000. The publication will continue
to publish its web site called Media Central and "retain its
online dedicated staff" (AD AGE, 3/20). Twenty-six staffers
are being let go (N.Y. DAILY NEWS, 3/20).
