DISNEY PLANS TO SELL MAGAZINE DIVISION.Byline: Alex Kuczynski The New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Times In a move to focus on its studio and theme park divisions, Walt Disney Noun 1. Walt Disney - United States film maker who pioneered animated cartoons and created such characters as Mickey Mouse and Donald Duck; founded Disneyland (1901-1966) Disney, Walter Elias Disney Co. has decided to sell Fairchild Publications, the magazine division that includes W, Women's Wear Daily Women's Wear Daily (WWD) is a fashion-industry trade journal sometimes called "the bible of fashion."[1][2] It is the flagship journal of Fairchild Publications, Inc.[3] WWD's publisher is Ralph Erardy, Sr. , Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. and Jane magazines as well as many trade publications, executives involved in the deal said Thursday. According to a Disney executive, there are two bidders for the titles: rival magazine publishers Conde Nast Publications and Hearst Magazines. They have been making offers and countering each other for the past three months, the executive said. The chairman of Conde Nast, S.I. Newhouse Jr., has offered $650 million for the Fairchild group, said the Disney executive, who also noted that a team of Hearst accountants had been working on the deal with particular zeal for the past two weeks. Conde Nast is the publisher of Vogue, Allure and Glamour, among other titles; Hearst publishes Harper's Bazaar and Town & Country. Disney has wrestled with the issue of whether to sell Fairchild since 1995, when Disney - which has never been a traditional magazine publisher - acquired Capital Cities/ABC, then the longtime parent company of Fairchild Publications. In 1997, Disney even announced a decision to sell the division, then retracted re·tract v. re·tract·ed, re·tract·ing, re·tracts v.tr. 1. To take back; disavow: refused to retract the statement. 2. it a week later. But Disney has been under pressure recently from Wall Street to sell nonstrategic assets and revive its core business. The company already has sold some noncore assets acquired in the Capital Cities deal. In April 1997, Disney sold four newspapers, including The Kansas City Star and the Fort Worth Star-Telegram The Fort Worth Star-Telegram is a major U.S. daily newspaper serving Fort Worth and the western half of the North Texas area known as the Metroplex. Its area of domination is checked by its main rival, The Dallas Morning News , which it had acquired in the deal to Knight-Ridder for $1.65 billion. Also in 1997, Disney sold the trade publisher Chilton to the British-Dutch company Reed Elsevier for $447 million and Institutional Investor Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. Inc. to Euromoney Publications for $142 million. There also have been rumors that Disney was considering a sale of its Anaheim Angels baseball team and its Anaheim Mighty Ducks hockey team. |
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