As predicted [WAMN: 25-May-05] German magazine publisher Gruner + Jahr has sold part of its US magazine stable for $350 million (€278m; £191m) to Iowa-based Meredith.
The key publications in the deal are Parents, Child, Fitness and Family Circle, ownership of which will propel Meredith into number two spot, behind Time, in the US magazine publishing league.
Meredith ceo William Kerr says of the deal: "It helps us achieve our strategy of reaching more women readers."
He says the company will use its editorial, circulation, sales, database, and brand-building expertise to help turn the four G+J magazines around.
The company, a major player in women's magazines, also has the option to acquire G+J's business titles Inc and Fast Company, which it would then sell-on.
G+J was forced to put the publications on the market last year after its parent, European media giant Bertelsmann, pressurized it to resolve ongoing circulation and financial problems.
Data sourced from Adweek (USA); additional content by WARC staff