Time Inc. Buys School Fundraising Business From Readers Digest For $110M
This story was written by Joseph Weisenthal.
Here's one way to bolster flagging magazine sales: get school-aged kids to flog them door to door. Okay, not really, but Time Inc. the publishing arm of Time Warner (NYSE: TWX), is acquiring QSP from Reader's Digest for $110 million. What's QSP? They provide fundraising services to schools, allowing kids to sell magazines, cookies and other gifts. Time Inc. says it believes fundraising is a growing channel for the magazine business, and that with its marketing experience, it can enhance QSP's offerings. Release.
By Joseph Weisenthal