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Rupert Murdoch's purchase represents a great leap forward for his fledgling magazine interests. News Corp., Murdoch's $1.6 billion Australia-based publishing empire, is dominated by a string of newspapers that now extends across three continents and includes the Times of London, the Boston Herald, the New York Post and the Chicago Sun-Times, which was acquired last year for $100 million. With the exception of the Times, Murdoch's brand of journalism is frequently pugnacious, sensational and strident.
Until now, Murdoch's only nondailies in the U.S. were the trendy once-a-week New York (circ. 422,819), the monthly New Woman (1.3 million), and two weekly tabloids, the gossipy Star (3.8 million) and New York City's Village Voice (160,929). His new venture into the magazine business brings him narrow-focus journals such as Travel Weekly, The Official Hotel & Resort Guide, Aerospace Daily and Business and Commercial Aviation.
The move probably presages even more expansion for the acquisition-minded Murdoch. Last winter Murdoch tried to buy almost half of Warner Communications, the entertainment conglomerate. Though unsuccessful, he scored a hefty profit of $41 million when Warner bought back his shares at a premium.
"I was impressed with the publications' editorial excellence," said Murdoch about the latest entries in his fold. "This is a major strategic investment for our company." Said Ziff of Murdoch: "We are of one mind on how this business should be continued — with the high publishing standards and the independence that have built the publications to their present pre-eminence."
Like CBS's Wyman, Murdoch emphasized his intention to make few changes in his new properties. But if he sticks to his word, that will be a departure for a controversial owner who has never hesitated in the past to override his editors or even write the headlines for some of his newspapers. As Murdoch was closing his deal last week, an editor at one of CBS's new magazines expressed relief that Murdoch had not bought the Ziff consumer division. Said she: "This is more of a merger than a take over. You assume that when a company like CBS makes this kind of commitment, it is buying the management techniques that have been so successful."
There was much speculation but no convincing answers as to why Ziff, 53, wanted to jettison the roster of magazines he had spent a lifetime building. Last year the publicity-shy former philosophy student sold off his six television stations for $100 million. As the owner of a privately held concern, Ziff is neither obliged nor inclined to explain his decision. Ziff still owns eleven computer magazines (PC, Creative Computing, Computers & Electronics), a computer business and some data services. Some industry insiders say that Ziff simply lost interest in his older publications. Other sources attribute the sales to what they call his failing health. Ziff would only say, "The reasons for this decision are personal ones."