Swedish Publisher Buys Ski, Skiing, TWS
SAM Magazine-New York, Jan. 26, 2007-Bonnier Magazine Group and its U.S. partner, World Publications, are buying the 18 magazines Time Inc. put up for sale last September. The group includes Ski, Skiing, TransWorld Snowboarding, and the rest of the TransWorld stable. Estimated sale price is $220 million to $230 million.
Bonnier said the acquisition will make World Publications one of the largest consumer publishing groups in the U.S., with 40 titles and annual revenue of more than $350 million. Bonnier owns a 49 percent stake in World, whose magazines include Spa, Saveur, and Islands. The family-owned Bonnier Group also owns Sweden's largest morning daily, Dagens Nyheter, the country's largest business paper, and several other newspapers, along with Sweden's largest chain of movie theaters.
Bonnier chairman Jonas Bonnier said the agreement "elevates Bonnier to the highest echelon of consumer publishers nationwide. The potential synergies between the new properties and World's existing titles-as well as the corporate and individual growth that it will lead to-makes the future bright for all of us."
Terry Snow, CEO of World, said, "These new titles are a perfect strategic fit with World's special-interest magazines and what we excel at-connecting people with their passions. And I am especially looking forward to working with this talented group of editing and publishing executives. We're committed to building high-quality brands through exceptional editorial products, whether in print or online, and the potential to be the leading multimedia resource in our new and existing special-interest areas is very exciting to us."
This is Bonnier's third acquisition in the United States during the past year, and its first major purchase with magazine group since it formed its partnership with World.
Time said all of its editorial staff will remain at their current offices, primarily in New York, California and Colorado.