New York, Feb 18: Reader's Digest, a popular magazine, has been sold for just one pound by Better Capital to a venture capitalist. According to The Guardian, the magazine was sold to Mike Luckwell whose earlier big investments included HIT Entertainment and WPP
"Jon Moulton's private equity company, Better Capital, has offloaded Reader's Digest UK - the waiting room staple that was once the biggest selling magazine in the world - after investing tens of millions of pounds into trying to rejuvenate the struggling business," the Guardian report said.
Reader's Digest was founded in 1922 by DeWitt and Lila Bell Wallace and by the early 1960s it saw a global circulation of 23 million an issue and 40 editions worldwide.
The title also remained the largest-selling consumer magazine in the US till 2008.