Media update: Readers Digest (UK) sold for £1; it’s President’s Day in the U.S.
The Telegraph reported on Sunday that Better Capital had sold off the UK edition of Reader’s Digest for £1 to the venture capitalist Mike Luckwell.
The recent history of Reader’s Digest in the UK has not been good. It was bought out of bankruptcy in 2010 by Better Capital for £14 million, then endured a massive reduction in staffing last year. Now it has been sold off for a token price in order to writedown the investment.
In 2011, Better Capital brought in Thierry Bouzac to be its third chief executive in a year’s time. Bouzac had previous experience with Better Capital – but, in the end, the magazine business proved a bit different than that of industrial equipment.
Sadly, Reader’s Digest in the U.S. is doing only nominally better. The latest AAM Snapshot report finds that the magazine’s paid circulation fell over 22 percent, the largest percentage decline of any of the top 25 magazine reporting.
Today is President’s Day in the U.S., a holiday that means the post office is closed, but many businesses remain open, and employees only get the day off if it is one of the holidays their employers recognize.
Those stuck in their offices may want to use the NBC Sports app to watch the women’s hockey semifinal game between the US and Sweden. The app experience is not quite up to the same level as live television as NBC has a tendency to insert commercials in odd moments and almost randomly.
But the commercials are generally 15 second spots and barely interrupt the action.