Reader’s Digest UK has been sold for the low price of just one pound, which works out to about $1.67. The New York Post reports that Better Capital, which bought the magazine after it declared bankruptcy in 2010, sold the glossy to Mike Luckwell, who used to run HIT Entertainments.
The United States version of RD is doing much better than its UK counterpart. The magazine increased its publishing frequency last year after Robert Guth, president and CEO of Reader’s Digest Association, said RD’s digital business was strengthening.
One quick fun fact about RD UK’s new owner? Luckwell’s HIT Entertainments is the company responsible for launching the Bob the Builder show.