Fourth Estate Staff
Los Angeles, CA, United States (4E) - Discovery Communications has acquired Golf Digest from Conde Nast for $35 million, a move which is part of its exclusive content partnership deal with Tiger Woods and PGA Tour.
Discovery's acquisition of Golf Digest shows its growth as a multiplatform company and a more expanded worldwide reach for golf games coverage.
"Through our investments with the PGA Tour, the European Tour and our partnership with Tiger Woods, we wanted to bolster GolfTV's international offerings with Golf Digest's award-winning journalism, broad consumer reach and deep content library while also creating the largest U.S. digital golf business," Discovery CEO David Zaslav said about the purchase, The Hollywood Reporter quoted.
Although terms of the deal weren't disclosed to the public, the New York Post reported that Discovery bought Golf Digest after outbidding NBC Sports Group. Golf Digest and other golfing media platforms were bought by Advance Publications, Conde Nast's parent company, in 2001 from the New York Times Co.
Golf Digest's editorial team, led by its editor-in-chief Jerry Tarde, will be retained. Tarde will also operate as the global head of strategy and content for Discovery Golf, which will expand to include GolfTV.
Discovery also plans to boost Golf Digest's presence in the international scene in order to bolster its digital ad sales, which accounts for almost 50 percent of the magazine's revenue. A monthly glossy will be published in the United States. Discovery will also assume ownership over licenses for global Golf Digest editions in nearly 70 countries.
As to their partnership, Woods said that it is a crucial step in expanding the reach of GolfTV in the United States and the around the globe. "It gives me another platform to tell my story directly to my fans," the award-winning golfer said.
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