NEW YORK — In the latest installment of its magazine divestment, Walt Disney Co. agreed Monday to sell ABC Inc.’s agricultural magazines, Farm Progress Group, to Australia-based Rural Press Ltd. for $56.9 million.
The sale brings to almost $2.2 billion the total in magazine divestitures, most of which came from the sale of some major daily papers and the Chilton Business Group. Late last week, Disney also finalized the sale of the NILS Publishing Co. and the Oakland Press Group for amounts that were not disclosed but which were likely very small.
Still to come in the sale is Institutional Investor, Chilton Books, numerous daily newspapers and weekly shopping guides.
Farm Progress Group owned 26 farming magazines, which last year earned about $4.8 million before interest, taxes, depreciation and amortization on revenue of $39 million.