Discovery Inc. acquired Golf Digest from Condé Nast, the parties announced this morning. Terms of the agreement were not made public, but the New York Post, citing persons familiar with the deal, pegged the cost to be about $30 million.
Discovery will continue to publish Golf Digest as a regular, monthly magazine and will bolster coverage including course rankings, instructional videos and travel destinations, the company said this morning.
Discovery positioned the acquisition as a way to grow its reach in the U.S. in addition to its audience with GOLFTV, which has exclusive carriage rights to the PGA Tour, the European Tour and the Ladies European Tour, as well as the Masters Tournament in territories outside the U.S.
“Golf Digest is a world-class brand that has become the ‘go-to’ authority for millions of golf enthusiasts, professional players and global advertisers,” said David Zaslav, president and CEO of Discovery, Inc., in a statement. “It’s a natural strategic fit with Discovery’s goal to be the leading golf media platform in the world.”
Discovery also touted its access to top athletes like Tiger Woods and Francesco Molinari as ways to expand its partnerships and content for consumers. Discovery and the PGA Tour are also launching a new content and sales partnership.
Jerry Tarde will continue as Golf Digest’s editor in chief and is taking on the title of global head of strategy and content of Discovery Golf. Tarde will report to Alex Kaplan, president and general manager, Discovery Golf.
“Golf Digest has this amazing team of editors, reporters, producers, photographers and contributors—all dedicated to helping golfers improve and be smarter consumers of the game we love,” Tarde said in a statement. “Discovery’s vision to create one global destination for everything a golf fan could want is perfectly aligned with what Golf Digest does every day.”
Condé Nast executives announced last summer that they were exploring the sale of three magazine titles, including Golf Digest, Brides and W. At the time, Golf Digest’s circulation remained flat at 1.6 million, higher than competitor Golf Magazine, which had a circulation of 1.4 million, though it saw an increase in video views from 2017 to 2018.
Sports media is experiencing a challenging time. Meredith has been unable to secure a buyer for Sports Illustrated, and ESPN The Magazine just announced it would be shuttering its print product.