MUMBAI: Reader's Digest Association which publishes of one of the most widely read magazines in the world Readers Digest has sold the magazine for $1.6 billion to Ripplewood Holdings
As well as its flagship magazine, the company publishes a range of other titles, markets CDs and puts on book fairs. The buy-out also means that the the consortium will take on debts of about $800,000.
Media reports add that although its magazine circulates to 18 million people in 21 languages, the business has struggled to appeal to the younger readers prized by advertisers. Readers Digest has struggled to compete with new media both for readers and advertising.
The basic strategy Ripplewood will adopt is to improve operating efficiencies, optimise cost structure and supply chain, and drive the revenue growth.
