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‘Reader’s Digest’ UK sold for £1

In the UK, Reader’s Digest magazine has been sold for just £1 (A$1.85), reports the Guardian. Private equity company Better Capital sold the business to venture capitalist Mike Luckwell for a nominal price, having invested £23 million (A$42.48 million) in the business since taking it out of administration in 2010 in a £13 million (A$24 million) buy-out. Luckwell, whose previous investments include TV company HIT Entertainment, which created Bob the Builder, said the acquisition will provide access to a database of more than 1.5 million names. Luckwell told the Guardian that the lifestyles of Reader’s Digest’s target market of over-60s have ‘changed in the last 20 years or so’. ‘What people over 60 do is completely different to what people over 60 used to do. I think the magazine should reflect that,’ said Luckwell.

 

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Category: International news