Advance Publications, the parent company of Conde Nast Publications and Fairchild Publications, and the New York Times Co. announced a deal for the Times Magazine Group. The Times Magazine group consists of four golf titles-including the largest golfing title, Golf Digest
--as well as golf schools and a Web site. The terms were not disclosed. Advance will operate the magazines as a separate group within its corporate structure. Advance Publications had made a bid for the Times Co.'s golf titles in early 1999, but had been rebuffed. Last year the Times Magazine Group posted EBITDA--earnings before interest, taxes and depreciation--of $21.5 million on revenues of $115.4 million--making the segment a bit player in the Times Co.'s $3.5 billion in revenues last year. In 1994, the Times. Co. sold its women's titles to Gruner & Jahr USA Publishing. In 1997, it sold its other sports titles to Miller Publishing.
Copyright January 2001, Crain Communications Inc.