Milan

RCS will shutter 10 magazines June 30 in case of no sale

Board has rejected idea of block sale of all 10

RCS will shutter 10 magazines June 30 in case of no sale

Milan, May 6 - If Italy's financially troubled publisher RCS fails to find separate buyers for 10 magazines it has put on the block, they will be shuttered June 30, financial sources said on Monday. The RCS board has assessed and scuppered the idea of selling all 10 titles in a single block. The magazines for sale are Novella 2000, Visto, A, Max, Astra, Ok Salute, BravaCasa, l'Europeo, Yacht & Sail, and its crossword puzzle publications. Some 110 people work at the publications, 90 of whom are journalists. RCS controls Italy's largest newspaper of record, Il Corriere della Sera, among other assets. RCS presented in April a three-year turnaround plan, which includes a 400-million-euro capital increase and the goal of selling off 250 million euros' worth of non-core assets by the end of 2014.

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