Wenner Breaks Off Talks Exploring Sale of 'Us Weekly'

What You Should Have Read, July 23, 2008

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Wenner Breaks Off Talks Exploring Sale of Us Weekly

The New York Post's Keith Kelly reports that Wenner Media owner Jann Wenner, who was said to be quietly testing the waters to sell the celebrity weekly for a blockbuster price of $750 million, has apparently broken off the talks. "It's not happening," said one insider with knowledge of the discussions. Last year, US Weekly was said to have cleared a profit of close to $75 million. But as successful as the magazine has been under Wenner, there has been a vague sense that at some point the celebrity-fascination segment of the magazine business could plateau or decline. One source tells Kelly that Wenner never went the traditional route of trying to put together a "black book" of key financial data to send out to suitors in preparation for an auction. But in recent months, he did make quiet approaches to parties he thought would be interested. But a Wenner spokesman insisted, "We have said all along Us Weekly is not for sale."
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