The 90 year old magazine publisher announced this week that it’s looking for a buyer. Now that it pulled itself out of bankruptcy, RD is looking to sell itself for at least $1bn, according to sources.
This company publishes more than 90 periodicals, including the flagship title, as well as Best Health, Family Handyman, Birds & Blooms, and many others. It also publishes dozens of books each year, with more than 50 million copies coming off the presses a year worldwide.
The parent company, Reader’s Digest Association, was bought by a private equity firm for $2.8bn in 2007. The company filed for bankruptcy in 2009. It’s spent the last 2 years working with Kirkland & Ellis, a law firm, to reduce its debt from $2.4bn to $550m.
Rumors have circulated, but there’s no word yet on interested buyers.
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