Wired Ventures To Sell Wired Magazine

Posted on May 8, 1998

The Board of Directors of Wired Ventures, Inc. approved the sale of its flagship print publication, Wired magazine, to Advance Magazine Publishers, Inc's Conde Nast Publications Inc. unit, owners of some of America's top lifestyle magazines, including Vogue, GQ and Vanity Fair.

The sale of the magazine enables Wired Ventures, Inc. to pay off short term debt and fund its online businesses, operated by its wholly owned subsidiary, Wired Digital. As part of today's agreement, Wired Digital will retain the perpetual exclusive on-line rights to the Wired brand name.

"Our on-line business has accounted for the greatest percentage of the Company's overall revenue growth over the past two years. This transaction solidifies our financial position, provides ample funding for our online properties, and positions the company for many possible opportunities going forward," said co-founder Louis Rossetto.

Launched in January 1993, Wired magazine won immediate national attention and critical acclaim for its groundbreaking coverage of the digital revolution. With an innovative graphic presentation and authoritative yet irreverent voice, the magazine features coverage of the economic, political and social impact of the emerging digital generation. Wired has twice won the prestigious National Magazine Award for General Excellence and once for Design.

More from Writers Write