MILLER BEATS OUT HACHETTE, MEREDITH FOR N.Y.TIMES TITLES: ADDED TO 'VIBE,' GROUP SETS SOLID LEISURE BASE

By Published on .

Most Popular
Miller Publishing emerged as the winning bidder for The New York Times Co.'s sports magazines, tripling the number of titles it owns in one swoop while cementing Miller's status as a key player in the magazine business.

Terms of the deal were not disclosed, but the price tag was estimated by an industry executive close to the bidding at $40 million to $45 million. The titles-Tennis, Tennis Buyer's Guide, Snow Country, Snow Country Business, Cruising World and Sailing World-had revenues of $44 million last year, according to The New York Times Co.

MEREDITH, HACHETTE IN RACE

Meredith Corp. and Hachette Filipacchi Magazines also vied to acquire the publications.

Miller Publishing was founded earlier this year by ex-Time Inc. executive Robert Miller and is backed by Los Angeles-based equity company Freeman Spogli & Co. Mr. Miller said he expects to keep most current staffers in place, noting that he is "buying people," not just titles.

"I suspect I will be bringing in some additional managerial talent to help me, but first things first," Mr. Miller said.

Gordon Medenica, senior VP-group publisher at The New York Times Co., said it's "unlikely" he will stay with either Miller or his current employer.

Miller Publishing has been on a buying spree since it was formed; it now owns Vibe/Spin Ventures and a majority share in Where, hotel-distributed visitors guides.

SET UP AS CLUSTERS

Mr. Miller described the new company as a series of clusters, with Vibe and Spin focusing on music, the Times Co. titles forming an affluent baby boom leisure sports cluster, and Where serving as the start of a travel cluster.

The New York Times Co. sold the titles because it is interested in businesses of a larger scale, Mr. Medenica said. It did not sell the Golf Co., which includes Golf Digest and two other golf titles, schools, and marketing programs. Mr.

In this article: