News yesterday that a publishing house – almost an institution – is being sold to an investor group for $2.4 billion.
Reuters reports that the Reader’s Digest Association is being acquired by buyout firm Ripplewood Holdings who leads the investor group.
With the deal, Ripplewood adds to its investments in media where, Reuters says, buyout firms see potential to profit from the business upheaval caused by a migration of audiences to the internet and other outlets:
[…] Reader’s Digest, best known for its namesake magazine and its newer Every Day with Rachael Ray, has faced the same types of problems that are hurting many peers in publishing, from long-standing declines in circulation to heavy competition for advertising dollars from new media. Last month, the company posted a quarterly loss of $26.7 million.
Many people have fond memories of Reader’s Digest magazine in particular as it has evolved over the years. I know I do, often picking up a copy of the British or USA edition at an airport, depending where I am, as light reading during a flight. A sort of a balance for the tech magazines I tend to read on flights.
The US edition also publishes podcasts containing spoken content from the print magazine.
I hope it all keeps going with the new owners.