Bonnier Corp. has sold Parenting, Baby Talk and Conceive magazines to Meredith Corp., which will close them and begin sending their subscribers its own parenting and baby magazines instead, the companies said on Tuesday. At least 60 people in Bonnier's Parenting Group are being laid off as a result of the deal.
Bonnier, which sold Ski and Skiing magazines to Active Interest Media two weeks ago, said the new sale is not part of a dismantling of the company, but instead an effort to grow revenues and achieve sustained profitability. "Our parent company, Bonnier AB in Sweden, reminds us that it plans for generations, not years -- we adhere to that theory," Bonnier Corporation CEO Dave Freygang said in a statement. "This choice was a difficult but necessary one to ensure the company is well positioned for the future."
Ad pages at Parenting fell 12.6% in 2012, a slightly larger drop than the 8.2% decline reported by magazines as a whole last year, according to the Publishers Information Bureau. Babytalk's ad pages dropped 2.2% in 2012.
Meredith, which will serve the titles' subscribers with Parents and American Baby magazines, did not disclose the terms of the deal but said the acquisitions would have no material effect on the company's financial performance.
Around 80 people worked in Bonnier's Parenting Group, according a Bonnier spokesman. About 15% are being moved to other positions within the company, he said.
Meredith referred questions about staffing to Bonnier. "The colleagues we say goodbye to are great people and will be missed," Mr. Freygang said in a memo to Bonnier staff.
The Parenting.com will continue to operate, now as part of the Parents digital media network at Meredith.