Ziff buys out Patch's share of Coastal for $70 million - Ziff Communications Co.; Glenn Patch

Folio: The Magazine for Magazine Management, April 15, 1993

Ziff Communications has bought out Glenn Patch's 50 percent stake in Coastal Associates, L.P., for $70 million, according to "Computer Publishing and Advertising Report," a weekly newsletter owned by Cowles Business Media, which also publishes FOLIO:. The buyout ends a joint venture that was formed in 1988 as part of Ziff's acquisition of Computer Shopper and MacWeek.

According to the newsletter, Patch "decided to cash out of the Coastal Partnership after several spats with Ziff over management of the unit." The report says that Patch wanted cash from the properties, while Ziff was "trying to build equity by starting new magazines and going into new markets." A Ziff spokesman confirmed that the buyout occurred, but says there was no fight before the break-up. "We are still friends," says the spokesman.