Golf Digest could soon be up for sale.
The magazine and website's long-time owner, Conde Nast, could well put Golf Digest up for sale along with a pair of other 13 publications it owns, W and Brides, amid a 2017 which saw it lose an astounding $120 million. The recommendations come after Conde Nast hired Boston Consulting Group to make a series of recommendations for the business to reorganize, create efficiencies and press forward to becoming more nimble in a digital-first world.
Conde Nast, which also owns Vogue, The New Yorker and Vanity Fair, has been hard hit as the advertising industry shifts a flood of money from print publications into the digital space, TV and social-media influencers.
In addition to placing the three publications up for sale, Conde Nast is seeking to sublease at least six of 23 floors it has in One World Trade, where it has been located since 2015.
Other cost-cutting measures have been put into place as well, according to the New York Times, including cutting freelancer fees, reducing employee benefits and scaling back expense budgets.
Conde Nast's parent company, Advance Publications, purchase Golf Digest in 2001 for a rumored nine-figure sum. It's unclear what Golf Digest would fetch in the current market. However, in December 2017, Golf Digest competitor Golf Magazine was recently sold from Time Inc. to Howard Milstein for a reported $15 million.
