Reader’s Digest Association, whose massive debt led to a recent bankruptcy filing, continues its selloff of noncore assets.
The latest castoff is World Almanac group of reference titles, a part of RDA’s Community division. It was sold recently to Infobase Publishing, an educational publisher owned by private equity firm Veronis Suhler Stevenson.
Earlier, RDA sold off its Books are Fun and QSP divisions, whose worsening performance contributed to RDA’s difficulty in paying off the debt it took on when it went private two years ago. RDA also sold the stock of its Taste of Home Entertaining business, a party-planning direct sales unit.
RDA, publisher of the iconic, pocket-sized magazine Reader's Digest and other homespun media properties like Taste of Home and The Family Handyman, filed for bankruptcy late last month as part of a restructuring plan to reduce its debt by 75 percent.
Terms of the sale were not disclosed, but given World Almanac’s small contribution to the overall company, it won’t likely have much impact on RDA’s remaining $550 million debtload.