Advance Publications Inc

Conde Nast Plans Sporting Magazine: Advance Publications Inc.'s New York-based Conde Nast Publications unit said it plans early next year to begin publishing a monthly women's magazine for women who participate in active sports. "We know from our readers that there is a growing and vibrant interest in sports and feel this is the time to launch an innovative and groundbreaking new magazine," Conde Nast President Steven Florio said.

Wired magazine, the splashy but financially struggling chronicler of the computer age, has been acquired by the publisher of the New Yorker, GQ and Vanity Fair in a deal reportedly worth about $80 million. The sale caps a lengthy search by Wired's publishers for a buyer and comes just a few months after the monthly magazine--known as much for its eye-watering graphics as for its technology-worshiping editorial bent--celebrated its fifth anniversary.

Advance Agrees to Buy Publisher: The privately held media company controlled by the Newhouse family agreed to acquire American City Business Journals Inc., a Charlotte, N.C., publisher of 28 local weekly business newspapers, for about $268.8 million, the companies said. The agreement calls for Staten Island, N.Y.-based Advance Publications Inc. to pay $28 per share for American City Business Journals' 9.6 million common shares.

Conde Nast Plans Sporting Magazine: Advance Publications Inc.'s New York-based Conde Nast Publications unit said it plans early next year to begin publishing a monthly women's magazine for women who participate in active sports. "We know from our readers that there is a growing and vibrant interest in sports and feel this is the time to launch an innovative and groundbreaking new magazine," Conde Nast President Steven Florio said.

A Tax Court decision published Thursday overturned a $609.5-million IRS ruling against the estate of publisher Samuel I. Newhouse. The Internal Revenue Service said it has not decided whether to appeal. The tax court sided with the estate on the only issue in one of the biggest tax disputes in the nation's history: the value of Newhouse's stock in the family's publishing and broadcasting operations at the time of his death in 1979.

Earlier this year, the trade magazine Mediaweek quoted publishing baron Samuel I. (Si) Newhouse Jr. in an article on his Conde Nast magazine operations as saying, "We have not diffused our energy by spending a great deal of time in alternate media." Now Newhouse is putting a lot of his energy--and cash--into the brave new world of multimedia with a $500-million pledge from his family's Advance Publications Inc.

Reinforcing its bid for Paramount Communications, Barry Diller's QVC Network Inc. said Sunday it secured an extra $1 billion in financing from Cox Enterprises Inc. and Advance Publications Inc. QVC's effort to edge out Viacom Inc. for the prized movie studio was thus bolstered by two major media concerns--Cox, whose holdings include the Atlanta Journal & Constitution, and Advance, publisher of The New Yorker. Both also have extensive cable holdings.

Wired magazine, the splashy but financially struggling chronicler of the computer age, has been acquired by the publisher of the New Yorker, GQ and Vanity Fair in a deal reportedly worth about $80 million. The sale caps a lengthy search by Wired's publishers for a buyer and comes just a few months after the monthly magazine--known as much for its eye-watering graphics as for its technology-worshiping editorial bent--celebrated its fifth anniversary.

Time Warner Inc. will combine more than one-third of its cable operations into a new venture with Advance Publications and Newhouse Broadcasting Corp. in a deal that will give the media giant an additional 1.4 million subscribers. The agreement in effect allows Time Warner to gain control--without putting out any cash--over the Advance and Newhouse cable operations. The new venture will have 4.2 million subscribers, including 2.8 million from Time Warner.

Wired magazine, which covers the Internet and computer industry, said Editor in Chief Katrina Heron will resign in June. Heron said she plans to spend time with her family "before exploring new challenges." She joined the magazine in 1995 and became editor in chief in 1997, the year before it was bought by New York-based Conde Nast Publications Inc., a unit of Advance Publications Inc.

Advance Agrees to Buy Publisher: The privately held media company controlled by the Newhouse family agreed to acquire American City Business Journals Inc., a Charlotte, N.C., publisher of 28 local weekly business newspapers, for about $268.8 million, the companies said. The agreement calls for Staten Island, N.Y.-based Advance Publications Inc. to pay $28 per share for American City Business Journals' 9.6 million common shares.

Time Warner Inc. will combine more than one-third of its cable operations into a new venture with Advance Publications and Newhouse Broadcasting Corp. in a deal that will give the media giant an additional 1.4 million subscribers. The agreement in effect allows Time Warner to gain control--without putting out any cash--over the Advance and Newhouse cable operations. The new venture will have 4.2 million subscribers, including 2.8 million from Time Warner.

Earlier this year, the trade magazine Mediaweek quoted publishing baron Samuel I. (Si) Newhouse Jr. in an article on his Conde Nast magazine operations as saying, "We have not diffused our energy by spending a great deal of time in alternate media." Now Newhouse is putting a lot of his energy--and cash--into the brave new world of multimedia with a $500-million pledge from his family's Advance Publications Inc.

Reinforcing its bid for Paramount Communications, Barry Diller's QVC Network Inc. said Sunday it secured an extra $1 billion in financing from Cox Enterprises Inc. and Advance Publications Inc. QVC's effort to edge out Viacom Inc. for the prized movie studio was thus bolstered by two major media concerns--Cox, whose holdings include the Atlanta Journal & Constitution, and Advance, publisher of The New Yorker. Both also have extensive cable holdings.

A Tax Court decision published Thursday overturned a $609.5-million IRS ruling against the estate of publisher Samuel I. Newhouse. The Internal Revenue Service said it has not decided whether to appeal. The tax court sided with the estate on the only issue in one of the biggest tax disputes in the nation's history: the value of Newhouse's stock in the family's publishing and broadcasting operations at the time of his death in 1979.

Conde Nast, the publisher of Vogue and Glamour magazines is attempting a takeover of the New Yorker, offering $180 a share, the Securities and Exchange Commission said today. Board members at the New Yorker immediately went into a meeting after learning that Advance Publications Inc., owner of Conde Nast, had announced the takeover bid.

Time Warner Inc. said it canceled plans announced just two months ago to start a new cable television channel for women, opting to concentrate on less costly new channels. In June, Time Warner and Advance Publications Inc., publisher of Vanity Fair and Vogue magazines, announced plans to create the Women's Network. Time Warner now says it will focus on the Oct.