Disney Agrees to Sell Fairchild Publications to Advance Publications
Posted on August 25, 1999The Walt Disney Co. has agreed to sell Fairchild Publications Inc., a subsidiary of ABC Inc. and publisher of W, Jane and Women's Wear Daily, to Advance Publications Inc., it was announced Tuesday by Disney Chairman and Chief Executive Officer Michael D. Eisner and Advance Chairman S.I. Newhouse Jr. The transaction, which is subject to regulatory approval, is expected to be completed by the end of the 1999 calendar year
Advance has agreed to grant Disney certain nonexclusive rights for its Buena Vista Internet Group to publish content from W, Jane and Women's Wear Daily within its online properties, including a new women's site. In addition, Disney and Advance have agreed to explore forming an Internet joint venture using the content of all appropriate Advance and Disney magazines. Included in the sale are more than a dozen consumer and trade publications, a book-selling division and Fairchild Urban Expositions, a trade-show partnership. Disney will retain Los Angeles Magazine, a monthly lifestyle and city-guide publication.
"Fairchild Publications has long been a standard-bearer in the publishing industry under the strong leadership of Michael Coady and Patrick McCarthy," Eisner said. "During the past several years, we have been able to strengthen its competitive position even further, and we're confident that the publications will continue to thrive under Advance's leadership. Despite Fairchild's strengths, Disney is focused on the long-term growth of our core brands and entertainment assets."
Disney will continue to be a leading book and magazine publisher with assets include Hyperion Publishing Inc., publisher of best-selling titles such as Mother of Pearl and the Don't Sweat the Small Stuff series. Disney also publishes a wide array of magazines such as ESPN, Family Fun and Discover. The most recent addition to Disney's publishing businesses is Talk, a monthly pop-culture and literary magazine jointly owned by Miramax Film Corp., a subsidiary of Disney, and Hearst Communications Inc.