Reader’s Digest Association announced today that it made good on its efforts to dispose of its Lifestyle and Entertainment Direct business—part of a process the company has been going through to dispose of non-core assets, simplify its operation and zero in on only its best performing products.
The sale is a small one, Mosaic Media Investment Partners picked up the division for $1.1 million in cash, but it was part of a plan hatched last year to sell off the group along with Allrecipes.com and the Weekly Reader, both of which were sold in early 2012 for $175 million and $3.6 million respectively. RDA also sold Everyday With Rachael Ray in October 2011.
The Lifestyle and Entertainment Direct Business is a direct-to-consumer sales operation that primarily sold fitness, books, music and DVD products. Also included in the deal was Saguaro Road Records.
RDA recorded revenues of $242 million for the first quarter 2012, down from $284 million in the same period 2011. The company booked a net loss of $8 million, down significantly from 2011’s first quarter loss of $82 million.