Media Industry
Industry: Email Alert RSS FeedDirectGroup Bertelsmann purchases Time Inc's 50% Bookspan stake
M2 Best Books, April 10, 2007
M2 BEST BOOKS-(C)2000-2007 M2 COMMUNICATIONS LTD
DirectGroup Bertelsmann, the global direct-to-consumer division of media group Bertelsmann AG, has confirmed it has purchased the 50% share of Bookspan that was held by Time Inc.
Bookspan, a partnership that was established between the two companies in 2000, owns and operates 40 US book clubs, including the Literary Guild, Book-of-the-Month Club and Doubleday Book Club.
Bookspan will now be integrated into BMG Columbia House, an operating unit of DirectGroup which markets music and DVDs to customers in the US and Canada through brands such as BMG Music Service and Columbia House DVD Club.
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The company confirmed that the combined business will serve over 20m US members, online and through club catalogues, and will have offices in New York, Indiana, South Carolina and Pennsylvania in the US and Toronto, Canada. Stuart Goldfarb, president and CEO of BMG Columbia House, will lead the combined business which is expected to be the largest direct-to-consumer media products distributor in the US.
The terms of the transaction were not disclosed.
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