New York Times
said today it agreed to sell its golf publications to
Advance Publications will acquire
Golf Digest Woman
Golf World Business
. The companies expect to complete the transaction by June. The terms of the agreement weren't made public.
Advance Publications owns Conde Nast Publications, Parade Publications, Fairchild Publications, ACBJ Business Journals, and newspapers in more than 20 cities.
Earlier today, New York Times posted
fourth-quarter earnings that surpassed analysts' expectations, and the company said it expects to achieve 10% to 15% earnings per share growth in 2001.
Shares of the publishing company gained 39 cents, or 0.9%, to close at $43.59 in
New York Stock Exchange