Banking and real estate mogul Howard Milstein, expanding his golf-related holdings, has purchased Time Inc.’s Golf magazine and golf.com website.
While Time Inc. has not yet announced the deal, staffers at the monthly magazine were told of the pending deal on Monday, according to geoffshackelford.com, a golf news site that first reported the sale.
The acquisition is being made through Emigrant Capital, the investment arm of the Emigrant Bank, which is controlled by Milstein through the parent New York Bank & Trust Co.
Milstein did not immediately return a call seeking comment.
Time Inc. is looking to sell a handful of non-core magazines and has said it hopes to complete the divestments prior to the completion of the company’s $2.8 billion acquisition by Meredith early next year.
Shackelford, a writer for Golf Week, said the deal is expected to be finalized on Jan. 19.
Also interested in buying Golf but losing out to Milstein were the Golf Channel and Golf Digest, which is owned by the Newhouse family’s Condé Nast, the site said.
Milstein is no stranger to the golfing world — he is a minority investor in Nicklaus & Co., Jack Nicklaus’s golf lifestyle company, as well as Miura Golf and True Spec.