New York Times to Sell Golf Properties to Advance Publications

Posted on February 1, 2001

The New York Times Company and Advance Publications, Inc. announced that they have reached an agreement for Advance to purchase The New York Times Company's golf properties - Golf Digest, Golf Digest Woman, Golf World, Golf World Business and GolfDigest.com. The announcement was made jointly by S. I. Newhouse Jr., chairman of Advance Publications, and Russell T. Lewis, president and CEO of the Times Company.

Newhouse said, ``We are delighted to acquire the world's leading golf publications. We admire the high standards of journalistic quality and integrity that have allowed them to flourish under The New York Times Company, and we look forward to helping support their successful efforts as an independent unit of Advance's magazine group.''

Lewis said they were selling the magazine group because there has been consolidation in the magazine industry over the last decade and that the magazine group represents less than three percent of the total revenues for the Company. The transaction, which is subject to regulatory approval, is expected to be completed in the second quarter of 2001.