Disney sells off magazine

NEW YORK — Walt Disney Co. agreed Wednesday to sell Institutional Investor magazine and related businesses to Euromoney Publications plc for $142 million, the companies said.

The deal is the latest in Disney’s divestment of the publications acquired with Capital Cities/ABC. So far the House of Mouse has raised more than $2.1 billion from the sales, which have been done mostly at good prices.

And the Institutional Investor deal was no exception. Euromoney revealed that the magazine, including a group of newsletters and a conference division, earned $6.8 million in operating profits in 1996 — flat with the previous year.

At that profit level, the price is more than 20 times earnings, a high multiple for publishing properties. Disney stock rose 93¢ Wednesday to close at $78.87.

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