TV Guide magazine, its circulation down from 20 million to just 3.2 million, was sold last week for $1 to a private equity firm that thinks it can get quick results, the New York Times reports. The plan for the magazine is to create its own accompanying Web site, and acquire other entertainment magazines, television stations or Internet sites to bolster it. And, Andrew Nikou, founder and managing partner of OpenGate, tells the Times, TV Guide magazine will be profitable by the end of next year.
—Jon Lafayette