Time To Buy Tribune Magazine Group
Oct 23, 2000, 8:34 AM
(AP) - Time Inc. announced Friday that it will pay $475 million for a Tribune Co. magazine group that includes Golf, Field & Stream, Ski and Outdoor Explorer, according to The Associated Press. There were several other bidders for the magazine group, including The New York Times Co., which publishes four major golf magazines including Golf Digest. For Tribune Co., the deal is its latest asset sale since closing the acquisition of Los Angeles Times publisher Times Mirror Co. in June. Tribune says it wants to focus on its main businesses of newspapers, including the Chicago Tribune, and television stations in major markets. Tribune says it will use the proceeds of the sales, which are expected to top $2 billion after taxes, to eliminate debt from the Times Mirror acquisition. Tribune already has sold an educational publisher and other businesses.