Reader's Digest sold off for £1.2bn

Reader's Digest , the publisher of the world's best-selling magazine, has accepted a $2.4bn (£1.27bn) bid by Ripplewood Holdings, a private equity group. Although its eponymous magazine circulates to 18m people in 21 languages, the business has struggled to appeal to younger readers. The Reader's Digest began when a New York couple, DeWitt and Lila Wallace, began producing a condensed version of articles from popular periodicals in 1922. (Via The Guardian)