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Published on January 22nd, 2021
According to the New York Post, the Swedish media giant Bonnier, which had plans to sell its notable boating magazines, has suddenly reversed course and intends to hang onto these titles. Magazines such as Yachting, Boating, Cruising World, and Sailing World are no longer for sale.
As part of its planned strategic retreat unveiled in February 2020, Bonnier had already sold off its biggest titles — including the 1 million circulation titles Popular Science, Field & Stream, Outdoor Life as well as foodie title Saveur — to private equity firm North Equity, which owns the military veterans website Task & Purpose.
Bonnier had bad timing on those titles since it had picked up most of them — minus Saveur acquired separately — when it purchased a 17-title magazine group from Time Inc. in 2007 for $225 million. Terms of the deal with North Equity unveiled in October were not revealed but it is safe to assume it was nowhere the price fetched in pre-Great Recession market.
Sources said that at least three suitors had circled the Bonnier boating titles, but bids were said to be coming in below $10 million. With the prospect for a stronger boating market in the days ahead, Stockholm-based Bonnier has decided to hang onto its specialized US boating titles — for now.
However, The Curmudgeon is open to receive inquiries for the Scuttlebutt empire. Send to [email protected]
Tags: Cruising World, Industry, Sailing World
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