A few weeks after selling Sunset to Los-Angeles-based private equity firm Regent L.P., Time Inc. has reportedly reached a deal to sell off another one of its niche lifestyle titles, Golf. The sale is expected to close in mid-January.
Folio magazine reports Howard Milstein, Chairman, President and CEO Of New York Private Bank & Trust, the largest private family-owned bank in the country, purchased the title for an undisclosed amount of money.
Jill Davison, a Time Inc. spokesperson, declined to confirm the sale, but stated: “The sales process for Golf is proceeding well.”
Contenders for the title included Golf Channel. One of the prize assets of the sale is ownership of the Golf.com site.
Previously, Milstein invested in golf-brands Miura Golf clubs and True Spec fitters. He was also a key investor in the Jack Nicklaus brand, which he helped expand globally.
Milstein is reported to be interested in promoting digital content, enhancing the title’s website and investing in a higher print quality for the magazine.Time Inc., which bought the 58-year-old title in 2000, put Golf up for sale, along with Sunset and Coastal Living, before a nnouncing its acquisition by Meredith in November