Worth magazine, which has had a number of owners in the past decade, may soon get another new one. The New York Times reported Monday that its current parent, CurtCo Media, is putting its entire portfolio of magazines up for sale.
Andrew Ross Sorkin writes, “The Robb Report, the flagship magazine, has just over 100,000 readers, as do Worth and Art & Antiques. ShowBoats International, which is focused on the market for mega-yachts, has a circulation of 50,000.
“The company has more than $100 million in revenue, which has grown at an annual rate of more than 25 percent.”
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Worth was started in 1992 by mutual fund giant Fidelity Investments, eliciting comments that the publication would play favorites to its parent company. Fidelity investment guru Peter Lynch was prominently featured in its advertising.
The magazine was sold in April 1999 by Fidelity to a group of investors. By 2002, after losing more than $50 million during the past decade, the publication began seeking new capital. The magazine eventually filed for bankruptcy court protection, and its assets were purchased in 2003 by the owner of the Robb Report, a glossy magazine filled with pictures of expensive cars and homes.