Disney to keep W magazine parent Fairchild Publications
NEW YORK (AP) _ Walt Disney Co., looking hard at the magazines and newspapers it acquired from Capital Cities/ABC, has decided to keep Los Angeles magazine, Women’s Wear Daily and the fashion magazine W.
It may still, however, sell The Kansas City Star, the Fort Worth (Texas) Star-Telegram and the other daily newspapers it got in the $19 billion purchase last year.
Last month, Disney said it was mulling sales of the Cap Cities publishing operations.
The decision to keep W parent Fairchild Publications as well as Los Angeles magazine was confirmed Thursday by Disney spokesman John Dreyer after it was announced to Fairchild employees.
He said the Fairchild publications and Los Angeles magazine fit with Disney’s own consumer magazines and provide ``a base from which we can launch other consumer publications.″ Disney’s magazines include Disney Adventures, Discover magazine, Family Fun and Family PC.
Fairchild president Michael Coady’s announcement to employees that Disney will keep the company brought cheers and applause, said sources familiar with the meeting, speaking on condition of anonymity.
Many were worried their jobs would be on the line with a sale.
``W saved all of Fairchild Publications,″ Coady told workers at its New York headquarters, the sources said. W, a fashion magazine, is a moneymaker for Disney and had attracted heated interest from buyers.
In addition to W and Women’s Wear, Fairchild includes titles such as the upcoming Jane magazine, a lifestyle magazine for women in their 20s, and DNR (Daily News Record), which covers menswear.
Los Angeles magazine will be folded into Fairchild. Dreyer said there were no plans to make the Disney magazines a part of Fairchild.
The fate of the other Capital Cities publishing businesses, including trade publisher Chilton Publications and its medical and other specialized publications, is still being considered.
Disney, which is based in Burbank, Calif., had been expected to get out of publishing since it agreed to buy Capital Cities/ABC. Through the merger, Disney was aiming to expand distribution of its movies and other programming, and publishing did not appear to mesh well with that plan.