Bertelsmann Buys Time Inc.’s Interest in Bookspan (posted 4/10)
German media conglomerate Bertelsmann AG said Tuesday it bought Time Inc.’s 50-percent interest in Bookspan, their book-club joint venture that includes the Book-of-the-Month Club.
Bertelsmann plans to consolidate its North American book, music and DVD clubs following the transaction. Terms of the deal were not disclosed, but the Wall Street Journal reported that Bertelsmann’s DirectGroup — which runs the group’s book, music and DVD clubs — would pay about $150 million, citing people familiar with the matter.
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