Druck- und Verlaghaus
Hamburg
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Gruner + Jahr Sells YM to Condé Nast
New York, October 6, 2004
J. Russell Denson, President and CEO of Gruner + Jahr USA, announced today the sale of YM magazine and related assets to Condé Nast. G+J USA will publish YM´s December/January issue, and Condé Nast will assume responsibility thereafter. Denson states, "We are pleased that, with the assistance of
AdMedia Partners, we have been able to complete this sale quickly,
allowing us to focus our resources on our core magazines and markets.
G+J remains one of the largest magazine publishers in the U.S.
with extraordinary, powerful brands, with our leading titles
including Child, Family Circle, Fast Company, Fitness,
Inc. and Parents."
"With the completion of this sale and our recent cost management
initiatives, our full attention is turned to 2005. We will continue
to produce high quality magazines that consumers want, and sell
advertising at profitable rates - as efficiently as possible. And
we will do these things consistent with the highest business and
editorial standards," Denson added.
As one of the top-ranked magazine publishers in America, reaching
one of the largest readerships in the U.S., Gruner + Jahr USA
publishes Child, Family Circle, Fast Company, Fitness, Inc., and
Parents. Gruner + Jahr USA is 25.1 Prozent owned by the Jahr Group and
74.9 Prozent owned by Bertelsmann AG, the largest privately held and
the fifth largest media company overall in the world with
yearly revenues at $17.86 billion.
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