What’s left of 47-year-old Money magazine has been sold to a 3-year-old digital startup run by a former Google executive.
After shutting down its print edition earlier this year when parent Meredith failed to find a buyer, Money has sold its surviving brand, Money.com, to Ad Practitioners LLC, based in Dorado, Puerto Rico. Terms were not disclosed, but sources say the brand went for just over $20 million.
Although the $20 million was more than the $10 million Meredith was seeking earlier this year when it was still trying to sell Money.com in tandem with the print magazine, the sale is nevertheless a pittance of the $400 million-plus the magazine was valued at in the pre-internet era.
