Vulcan Buys The Sporting News Properties - TheStreet

Paul Allen's

Vulcan Ventures

has agreed to buy

The Sporting News

from

Times Mirror

(TMC)

, publisher of the

Los Angeles Times

and

Newsday

, the companies announced Wednesday.

Terms of the deal were not disclosed, but the company will continue to be based in St. Louis with its current management.

Allen, a

Microsoft

(MSFT) - Get Report

co-founder, has agreed to buy all the Sporting News properties, including magazines, coffee table sports books, licensing ventures and

The Sporting News

, the oldest sports publication in the U.S.

Vulcan will incorporate the properties into its "Wired World" portfolio of new media, entertainment and technology companies, with content from The Sporting News available to its cable customers. The venture capital firm owns

Charter Communications

(CHTR) - Get Report

, the fourth-largest cable company in the U.S. It also holds investments in many other ventures, including

Oxygen Media

,

priceline.com

(PCLN)

and

Allegiance Telecom

(ALGX)

.

"Our strategic review led us to conclude that The Sporting News must now compete in an environment in which sports-related print, television and Internet properties are increasingly linked together under common ownership," said Efrem Zimbalist III, executive vice president of Times Mirror and chief financial officer and chairman of

Times Mirror Magazines

. "Vulcan is a growing force in the electronic media world and we are very pleased that The Sporting News will become part of Vulcan's expanding operations."

Yagemann & Co.

acted as the financial advisor to Vulcan and

Donaldson, Lufkin & Jenrette

to Times Mirror.

Shares of Times Mirror were down 3/8, or 1%, to 54 7/8 in Wednesday afternoon trading. (Shares closed down 3/8, or 0.68%, at 54 7/8.)