Australian-born media entrepreneur Rupert Murdoch yesterday agreed to buy TV Guide, Seventeen magazine and The Daily Racing Form from former U.S. Ambassador Walter Annenberg for $3 billion.
The purchase of Annenberg's Triangle Publications Inc. is the largest publishing deal ever, and a media transaction second only to Capital Cities Communications Inc.'s 1986 purchase of American Broadcasting Cos. Inc. for $3.5 billion.
The purchase will give Murdoch three publications with a virtual lock on their lucrative markets. TV Guide is the nation's largest selling weekly magazine, with a circulation of more than 17 million, that earned an estimated $75 million profit last year. …
Media Industry Newsletter; September 6, 1999
Knight Ridder/Tribune Business News; January 14, 1997
Multichannel News; July 6, 1998
Multichannel News; October 18, 1999
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