Dennis Publishing, the U.K.-based owner of The Week, has acquired 99-year-old Kiplinger Washington Editors Inc.
Terms of the deal have not been disclosed. But among the assets changing hands is Kiplinger’s flagship brand, Kiplinger Personal Finance, which carries a monthly circulation of 600,000, and has been continuously published since 1947.
“Kiplinger is everything we look for in a business: It is blessed with strong brands that have developed a high degree of trust with their readers, allied to a vibrant, growing digital business,” says group CEO at Dennis, James Tye in a statement. “It expands our presence into the finance category, an area we already have an impressive footprint in with The Week and MoneyWeek. It is also a business with strong recurring, subscription revenues.”
Knight Kilpinger will stay connected to his family business as an informal advisor, and will assume the title of editor emeritus. Further, Denise Elliott, SVP and COO at Kiplinger, will be promoted to CEO of Kiplinger, joining the existing leadership team at Dennis.
A representative from Dennis tells Folio: that there will be no further staff disruptions at this time.
Dennis was sold to the private equity firm Exponent last October, 45 years after it was founded by the late Felix Dennis. The deal was said to fetch around $200 million, although terms were not publicly disclosed. That transaction did not include Mental Floss, which was owned by the Dennis estate and sold to Minute Media a month before the Exponent deal was finalized.