Reader's Digest changes hands
An American investment group is buying the long-established Reader's Digest publishing group for 2.4 billion US dollars. The investment firm Ripplewood Holdings was in charge of the deal.
An American investment group is buying the long-established Reader's Digest publishing group for 2.4 billion US dollars. The investment firm Ripplewood Holdings was in charge of the deal.
According to the SDA, Reader's Digest announced the change of ownership on Thursday. The purchase price corresponds to 17 dollars per share, which is 25 percent higher than the stock market average over the last 60 days. However, the deal is not quite perfect yet: Reader's Digest shareholders and the regulatory authorities still have to give the green light. The transaction is expected to be completed by the first quarter of 2007. Ripplewood is thus strengthening its involvement in the media industry. It already owns shares in educational publisher WRC Media and direct marketer Direct Holding Worldwide.
According to the SDA, Reader's Digest announced the change of ownership on Thursday. The purchase price corresponds to 17 dollars per share, which is 25 percent higher than the stock market average over the last 60 days. However, the deal is not quite perfect yet: Reader's Digest shareholders and the regulatory authorities still have to give the green light. The transaction is expected to be completed by the first quarter of 2007. Ripplewood is thus strengthening its involvement in the media industry. It already owns shares in educational publisher WRC Media and direct marketer Direct Holding Worldwide.
