The Newhouses Sold A Cézanne For Way More Than Golf Digest
/Reeves Wiedeman of New York Magazine chronicles the slow and steady decline of the once cherished Conde Nast family of magazines under CEO Bob Sauerberg and the Newhouse descendants. While the piece is probably only worth your time if you’re in the media industry, this line is pretty incredible related to their sale of Golf Digest:
In 2016, they sold a cable company for more than $10 billion. That made the amount they earned selling Brides, W, and Golf Digest, the last of which went to Discovery for just $35 million — $400 million less than what Condé had paid for it in 2001 and $24 million less than the Newhouses received that week for selling a single Cézanne at Sotheby’s — seem like a rounding error.
Golf Digest was sold by the Newhouse family to Discovery, which is 31% owned by…the Newhouse family.