| David S. Bennahum on Fri, 8 May 1998 18:49:03 +0200 (MET DST) |
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| <nettime> Wired magazine sold |
As of today: WIRED VENTURES TO SELL ITS MAGAZINE SAN FRANCISCO, CA -- (May 12, 1998) -- The Board of Directors of Wired Ventures, Inc. today approved the sale of its flagship print publication, Wired magazine, to Advance Magazine Publishers, Inc, owners of some of America's top lifestyle magazines, including Vogue, GQ and Vanity Fair. Terms of the deal were not disclosed. 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. Wired Digital's on-line publications HotWired and Wired News, and the search engine HotBot, attract more than eight million unique users each month, ranking them among the 16 highest trafficked sites on the Internet, according to Relevant Knowledge April 1998 figures. As part of today's agreement, Wired Digital will retain the perpetual exclusive on-line rights to the Wired brand name. Wired Digital delivered $3.4 million in revenue in the first quarter of 1998, a 113% jump from the same quarter last year. It is expected to turn a profit by Q4 1998. "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, a phrase it coined. 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. The magazine has posted five consecutive quarters of profitability, with circulation expected to grow from 400,000 to 425,000 in July of this year. Advance Magazine Publishers Inc has been an investor in Wired Ventures since January of 1994. They are expected to continue the course set by founders Louis Rossetto and Jane Metcalfe, and continue to operate the business from San Francisco. "We have long admired Wired for its innovative approach to publishing, and its strong editorial voice. We look forward to working with existing management to grow the magazine further," said AMPI Chairman Si Newhouse. Contact: Shelley Tatum Wired Magazine Voice: 415 276 5162 Fax: 415 276 5100 [email protected] Andrew de Vries Wired Digital Voice: 415 276 5162 Fax: 415 276 8499 [email protected] Wired Ventures Inc. is a diversified media company engaged in creating compelling, branded content in print and online. Wired Ventures publishes Wired magazine, and owns Wired Digital, whose award-winning Web products include the Wired News and HotWired Web sites, and the best-of-breed HotBot search engine. Wired Ventures also owns Wired Books, and its HardWired imprint of innovative titles. Shelley Tatum Director of Media Relations Wired Magazine 415.276.5162 [email protected] --- # distributed via nettime-l : no commercial use without permission # <nettime> is a closed moderated mailinglist for net criticism, # collaborative text filtering and cultural politics of the nets # more info: [email protected] and "info nettime-l" in the msg body # URL: http://www.desk.nl/~nettime/ contact: [email protected]