Canadian Magazine Industry News
20 July 2011,     NEW YORK
Reader's Digest Association reported up for sale for $1B or more
The Financial Times and other media sources are reporting that U.S. Reader's Digest Association (RDA), which publishes more than 90 titles including the flagship Reader's Digest, is up for sale for upwards of $1 billion.

The news comes not long after the association climbed out of bankruptcy in early 2010. Masthead reported on the financial woes in March 2009, noting the association's then-CEO Mary Berner (now Tom Williams) denied the company was filing for bankruptcy. But not long after, in August 2009, it was reported that RDA was planning to file for bankruptcy protection while reaching a restructuring agreement with creditors.

RDA was bought by a group led by U.S. private equity firm Ripplewood in 2007. In January 2009, RDA announced that about 280 people would be let go, and that it would impose mandatory unpaid vacation days for remaining employees.

The company has offices in more than 40 countries around the world, including Canada. In 2008, Reader’s Digest launched two new Canadian magazines: Best Health and More of Our Canada.

Evan Goetz, a spokesperson for RDA, would not confirm or deny that the company is up for sale. "The company does not comment on news reports," he said in an email.

Stay tuned for more on this developing story.
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Wow, Torstar really seems to be on a mission to bankrupt one magazine after another....
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