Bertelsmann Sells US Magazine Group

German media giant Bertelsmann agreed to sell four US magazines to US-based publisher Meredith Corp. for $350 million, (278.4 million euros) the American company announced Tuesday. Meredith said it reached a deal to buy Parents, Child, Fitness and Family Circle magazines from Bertelsmann's Gruner + Jahr division in a deal expected to close June 30. As part of the deal, Gruner + Jahr will have an option to sell the assets of business publications Inc. and Fast Company to Meredith. Meredith chairman and chief executive William Kerr said the magazines being acquired "have significant upside but have underperformed in recent years. We possess the unique skills and resources needed -- particularly in the circulation area -- to help these magazines realize their potential." Meredith already owns titles such as Better Homes and Gardens, Ladies' Home Journal, American Baby, More, Country Home, Traditional Home and Midwest Living.