Conde Nast Publications To Buy Wired Magazine
Seattle Times Staff: Seattle Times News Services
SAN FRANCISCO - Wired Ventures agreed to sell its Wired magazine to Conde Nast Publications for an undisclosed price, enabling Wired Ventures to pay off loans and fund its online business.
Wired Ventures said Conde Nast, a unit of privately owned Advance Publications, will buy the print technology magazine, which recently turned a profit and is known for its neon colors and flashy graphics. The transaction is said to be worth more than $75 million, according to a report today in The Wall Street Journal citing unidentified people "familiar with the matter."
Closely held Wired Ventures said it would use proceeds from the sale to pay off short-term debt and maintain its online business, Wired Digital. The unit will retain exclusive online rights to the Wired brand name, the company said.
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