News yesterday that a publishing house – almost an institution – is being sold to an investor group for $2.4 billion.
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.