Paul Allen’s Vulcan Ventures Takes Over Sporting News

Paul Allen’s Vulcan Ventures Inc. acquired the Sporting News from Times Mirror Co., adding the sports magazine and its Web site to the company’s expanding cluster of media properties.

The Sporting News, founded in 1886, is the nation’s oldest sports publication. The weekly magazine, which also publishes sports-related books and seasonal preview magazines, will continue to be based in St. Louis.

Terms of the sale weren’t disclosed.

Vulcan Ventures, Allen’s Bellevue, Wash.-based investment fund, said it plans to use content from the Sporting News as programming for its cable and Internet companies through one or more of its portal services.

Closely held Vulcan Ventures owns stakes in scores of Web, telecommunications and cable companies, including RCN Corp. and Charter Communications Inc., the U.S.’ fourth-largest cable company, with more than 6 million subscribers.

Allen, who created Microsoft with Bill Gates and remains a leading shareholder, also owns the Portland Trail Blazers basketball team and the Seattle Seahawks football franchise.

Times Mirror, whose main business is the Los Angeles Times newspaper, acquired the Sporting News in 1977. Times Mirror’s other publications include Newsday in New York, the Baltimore Sun, Field & Stream and Golf magazine.

In recent years, Los Angeles-based Times Mirror has sold off several publishing units to focus more on newspapers.

Yagemann & Co. assisted Vulcan in the sale, while Donaldson, Lufkin & Jenrette advised Times Mirror.