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<nettime> Wired magazine sold
David S. Bennahum on Fri, 8 May 1998 18:49:03 +0200 (MET DST)


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<nettime> Wired magazine sold


As of today:


WIRED VENTURES TO SELL ITS MAGAZINE

SAN FRANCISCO, CA -- (May 12, 1998) -- The Board of Directors of Wired
Ventures, Inc. today approved the sale of its flagship print publication,
Wired magazine, to Advance Magazine Publishers, Inc, owners of some of
America's top lifestyle magazines, including Vogue, GQ and Vanity Fair.
Terms of the deal were not disclosed.

The sale of the magazine enables Wired Ventures, Inc. to pay off short
term debt and fund its online businesses, operated by its wholly owned
subsidiary, Wired Digital. Wired Digital's on-line publications HotWired
and Wired News, and the search engine HotBot, attract more than eight
million unique users each month, ranking them among the 16 highest
trafficked sites on the Internet, according to Relevant Knowledge April
1998 figures.  As part of today's agreement, Wired Digital will retain the
perpetual    exclusive on-line rights to the Wired brand name. Wired
Digital delivered $3.4 million in revenue in the first quarter of 1998, a
113% jump from the same quarter last year. It is expected to turn a profit
by Q4 1998.

"Our on-line business has accounted for the greatest percentage of the
Company's overall revenue growth over the past two years. This transaction
solidifies our  financial position, provides ample funding for our online
properties, and positions the company for many possible opportunities going
forward,"  said co-founder Louis Rossetto.

Launched in January 1993, Wired magazine won immediate national   attention
and critical acclaim for its groundbreaking coverage of the digital
revolution, a phrase it coined.  With an innovative graphic presentation
and authoritative yet irreverent voice, the magazine features coverage of
the economic, political and social impact of the emerging digital
generation. Wired has twice won the  prestigious National Magazine Award
for General Excellence and once for Design. The magazine has posted five
consecutive quarters of profitability, with circulation expected to grow
from 400,000 to 425,000 in July of this year.

Advance Magazine Publishers Inc has been an investor in Wired Ventures
since January of 1994.  They are expected to continue the course set by
founders Louis Rossetto and Jane Metcalfe, and continue to operate the
business from San Francisco.

"We have long admired Wired for its innovative approach to publishing, and
its strong editorial voice. We look forward to working with existing
management to grow the magazine further," said AMPI Chairman Si Newhouse.

Contact:
Shelley Tatum
Wired Magazine
Voice: 415 276 5162
Fax: 415 276 5100
statum {AT} wired.com

Andrew de Vries
Wired Digital
Voice: 415 276 5162
Fax: 415 276 8499
andrewd {AT} wired.com


Wired Ventures Inc. is a diversified media company engaged in creating
compelling, branded content in print and online. Wired
Ventures publishes Wired magazine, and owns Wired Digital, whose
award-winning Web products include the Wired News and HotWired Web sites,
and the best-of-breed HotBot search engine. Wired Ventures also owns Wired
Books, and its HardWired imprint of innovative titles.

Shelley Tatum
Director of Media Relations
Wired Magazine
415.276.5162
statum {AT} wired.com
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