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Conde Nast gets Wired
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May 8, 1998: 1:28 p.m. ET
Advance Magazine unit acquires maverick technology magazine
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NEW YORK (CNNfn) - Advance Magazine Publishers Inc. Friday said it has acquired Wired magazine.
Wired Ventures Inc.'s board of directors approved the sale of its flagship print publication to Advance Magazine's Conde Nast unit.
Financial terms of the deal were not disclosed. The companies expect the transaction to be completed in June.
Wired Ventures said the sale of the magazine will enable it to pay off short-term debt and fund its online businesses, which are operated by its wholly owned subsidiary, Wired Digital.
Wired Digital produces the online publications HotWired and Wired News, as well as the HotBot search engine.
"Our online business has accounted for the greatest percentage of the company's overall revenue growth over the past two years," said Wired Ventures co-founder Louis Rossetto.
As part of the deal, Wired Ventures said its Wired Digital unit will retain exclusive online rights to the Wired brand name.
The five-year-old technology magazine gained immediate attention for its striking design and for the often irreverent manner in which it covers digital culture and technology. Wired has twice won the National Magazine Award for general excellence and once for design.
Wired Ventures said the magazine has posted five consecutive quarters of profitability and expects circulation to grow from 400,000 to 425,000 in July.
Advance Magazine Publishers Inc. has been an investor in Wired Ventures since January 1994.
A Wired spokeswoman said the magazine is expected to continue operating out of San Francisco with its current management team and editorial staff.
Among Conde Nast's stable of magazines are The New Yorker, Vogue and Vanity Fair. 
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