Gruner & Jahr to Sell Magazines to Meredith
From Associated Press
Meredith Corp., the publisher of Ladies’ Home Journal, said it was buying Family Circle and three other magazines from German publisher Gruner & Jahr for $350 million.
The deal also includes the magazines Child, Fitness and Parents and in effect marks an exit from the U.S. magazine market for Gruner & Jahr, which had suffered a series of setbacks in its efforts to expand here. The sale is expected to close June 30.
Meredith rose $2.64, or 6%, to $50.28 on the New York Stock Exchange.
