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...generous slices of the U.S. market in just four days. First Hachette agreed to pay $448.6 million to purchase Connecticut-based Grolier, the publisher of the Encyclopedia Americana. Then the French firm paid $712 million for Diamandis Communications, the owner of a dozen magazines, including Woman's Day (circ. 6 million), Car and Driver (919,000) and Stereo Review...
Hachette, under Chairman Jean-Luc Lagardere, entered the U.S. market quietly, launching two joint ventures with Rupert Murdoch. The first, a U.S. edition of France's Elle fashion magazine, which made its debut in 1985, was an almost instant success (current circ. 850,000). Premiere, a movie monthly, also got off to a strong start (circ...
Last September the Conde Nast empire, publisher of Vanity Fair, Vogue and Gourmet, among others, spent $40 million launching the upmarket Traveler for those who prefer to go where there are civil ways and no civil wars. Under former Times of London Editor Harold Evans, Traveler (circ. 853,490) boasts of its "muscle and vision" -- ratings of not only the world's best restaurants but also the worst, stories more analytical than promotional. Evans touts his magazine's "truth in travel" policy and sniffs at competitor Travel & Leisure as "one seamless travelogue, where all headwaiters...
...their money, the drug barons may have brought only a superficial prosperity to Medellin. "Their money hasn't created much employment because they haven't invested in productive infrastructure," says Juan Gomez Martinez, publisher of Medellin's biggest daily newspaper, El Colombiano (circ. 100,000), and a candidate for mayor. "They have spent a lot of money on imported luxuries." Escobar, for example, is said to have imported gold-plated bathroom fittings for a penthouse he frequently used. His wife had more shoes in her closet, according to local lore, than Imelda Marcos. The penthouse was abandoned by the Escobars...
...showdown had all the breathless drama that readers of the tabloid New York $ Post (circ. 480,000) have come to expect. Australian-born Media Baron Rupert Murdoch, selling the Post to comply with a federal ban on owning a newspaper and broadcast station in the same city, had threatened to shut down the paper unless unions agreed to $24 million in cost reductions. Murdoch said he needed the cuts to complete the sale of the paper to New York Real Estate Developer Peter Kalikow for $37 million...