Reader’s Digest Association has sold its 72-year-old U.K. edition, rescuing the magazine from closure and keeping a foothold in an important overseas market.
RDA sold the magazine to a group of former managers, led by Chris Spratling, which will operate the brand through a licensing agreement. The U.K. edition will continue to use and contribute editorial content from RDA’s 49 other editions, five of which also operate under licenses.
The media company recently emerged from bankruptcy and restructured, but that process only affected its U.S. operations. Its U.K. edition filed for bankruptcy earlier in the year over a shortfall in its pension fund.