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Time Inc. Sells ‘This Old House’ To New Owner

“This Old House” has been sold.

The home-improvement content brand, controlled for years by magazine-publisher Time Inc., is going solo. Eric Thorkilsen, a veteran media and publishing executive who has been involved with brands like “House” and “Martha Stewart” in the past, and TZP Growth Partners l, L.P., a New York-based private equity fund, will acquire This Old House Ventures, LLC and all of its associated media properties.  Terms of the deal were not disclosed.

Thorkilsen, will serve as chief executive officer of the company. He worked at Time Inc. for 30 years and had a strong hand in managing “This Old House” after Time launched a magazine based on the property in 1995 and acquired it in 2001 from Boston public-TV station WGBH. He was founding executive of This Old House Ventures, which is what the company was called under Time’s aegis.

“I have been a champion of This Old House for the better part of three decades and it is an honor to be able to rejoin this extraordinary franchise and bring it to a new generation of fans,” the executive said in a statement.  “I could not have made this leap without the support of my partners at TZP, who were steadfast in their resolve that this was a worthy investment.”

This Old House compries the thisoldhouse.com webiste, a magazines and the two TV series, “This Old House” and “Ask This Old House,” which are broadcast on PBS. The experts on the show – host Kevin O’Connor, master carpenter Norm Abram, general contractor Tom Silva, plumbing and heating expert Richard Trethewey, and landscape contractor Roger Cook – are expected to continue under the new regime.

Both series are currently in production and will premiere for a 37th season and 15th season, respectively, on PBS stations this fall. WGBH Boston will continue to distribute the programs.  Chris Wolfe retains his role as executive producer of both series

Susan Wyland, best known for her tenure on Time Inc.’s Real Simple magazine, will oversee the magazine as editor in chief. Scott Omelianuk, This Old House’s top editor for the last 12 years, will leave to pursue what the company said was “an opportunity in the television space.”

 

 

 

 

 

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