Golf Digest Sold Off

The New York Times has sold its magazine group, which consists of Golf Digest, the world's most widely-read golf magazine, and three other
American golf titles, to Advance Publications, the owners of Conde Nast.

Neither company disclosed the amount of money which changed hands, but sources said the whole deal could be worth as much as £270 million. The transaction also includes the GolfDigest.com website, the magazines' offices in Trumbull, Connecticut, and several golf schools.

Russell T.Lewis, president of The New York Times, said that the sale of the magazine unit, which now makes up less than three per cent of the company's revenue, would "allow us to focus our resources on our larger businesses".

The deal includes the monthly Golf Digest, which has a circulation of 1.6 million, the weekly Golf World, a new monthly Golf Digest Woman and the trade monthly Golf World Business.

For Advance Publications, whose stable includes glossy women's titles such as Vogue, Glamour and Vanity Fair, the deal represents a major foray into the sports publishing business.

Meanwhile, AOL Time Wraner have announced that Senior Golfer will close
after the March Issue and merge with Golf magazine. AOL Time Warner
acquired Senior Golfer and other Times Mirror magazines from the Tribune
group last year.