NEW YORK -- The Hearst Corp. Wednesday said it had acquired Esquire magazine from Phillip Moffitt, its editor in chief and president, for an undisclosed price reported to be around $80 million.
Esquire Magazine Group Inc., the privately held parent of the 53-year-old publication, also said it had sold its New York Woman magazine to American Express Publishing Corp. The company said it sold a publication geared toward health clubs to Whittle Communications Inc. and that stockholders would retain ownership of a book publishing and video production unit.
Sources said the total value of the transactions was more than $100 million.
Hearst, the New York-based publisher of such magazines as Popular Mechanics, Cosmopolitan and Connoisseur, is privately owned and not required to disclose financial information.
Esquire was purchased in 1979 by the 13-30 Corp., owned by Moffitt and Christopher Whittle. A spokeswoman for the magazine said the pair paid $3.5 million for what was then a venerable but moribund publication.
Under Moffitt's editorship, Esquire revived, increasing the number of advertising pages sold to an estimated 1,300 from 496 in 1979 and building circulation to 700,000.
Hearst said Moffitt will serve as a consulting editor.
Esquire's 150 employees in New York, Chicago, Detroit, Los Angeles and San Francisco will retain their jobs, the magazine said.
Esquire will become the 13th major title in Hearst's magazines division, which also publishes 55 international editions in 70 countries. Its British subsidiary, National Magazine Co., publishes seven magazines including British editions of Good Housekeeping and Cosmopolitan. The company also has several large distribution operations.
Hearst Corp., which isabout to celebrate its centennial, includes more than 135 businesses engaged primarily in publishing and broadcasting.
