Disney Agrees to Sell Fairchild Publications Inc. toAdvance Publications Inc.

BURBANK, Calif.--(BUSINESS WIRE)--Aug. 24, 1999--

The Walt Disney Co. (NYSE:DIS) has agreed to sell Fairchild Publications Inc., a subsidiary of ABC Inc. and publisher of W, Jane and Women's Wear Daily, to Advance Publications Inc., it was announced Tuesday by Disney Chairman and Chief

Terms of the transaction were not disclosed.

In order to support the expansion of Disney's Internet activities, Advance has agreed to grant Disney certain nonexclusive rights for its Buena Vista Internet Group to publish content from W, Jane and Women's Wear Daily within its online properties, including a new women's site.

In addition, Disney and Advance have agreed to explore forming an Internet joint venture using the content of all appropriate Advance and Disney magazines.

Included in the sale are more than a dozen consumer and trade publications, a book-selling division and Fairchild Urban Expositions, a trade-show partnership. Disney will retain Los Angeles Magazine, the monthly lifestyle and city-guide publication.

"Fairchild Publications has long been a standard-bearer in the publishing industry under the strong leadership of Michael Coady and Patrick McCarthy," Eisner said.

"During the past several years, we have been able to strengthen its competitive position even further, and we're confident that the publications will continue to thrive under Advance's leadership. Despite Fairchild's strengths, Disney is focused on the long-term growth of our core brands and entertainment assets," Eisner added.

S.I. Newhouse Jr., chairman of Advance, said, "We are thrilled to acquire the Fairchild publications, since we have always had the highest respect for their journalistic quality and integrity."

The transaction, which is subject to regulatory approval, is expected to be completed by the end of the 1999 calendar year.

Disney will continue to be a leading publisher of books and magazines worldwide. Its publishing assets include Hyperion Publishing Inc., publisher of best-selling titles such as "Mother of Pearl" and the "Don't Sweat the Small Stuff" series. Disney also publishes a wide array of magazines such as ESPN, Family Fun and Discover.

The most recent addition to Disney's publishing businesses is Talk, a monthly pop-culture and literary magazine jointly owned by Miramax Film Corp., a subsidiary of Disney, and Hearst Communications Inc. -0-

        FAIRCHILD PUBLICATIONS ASSETS INCLUDED IN TRANSACTION

Consumer Publications
-- Jane
-- W

Trade Publications
-- Beauty Report International
-- Brand Marketing
-- Children's Business
-- Daily News Record
-- Executive Technology
-- Footwear News
-- High Points
-- Home Furnishings News
-- Salon News
-- Supermarket News
-- Women's Wear Daily

Trade Shows
-- Fairchild Urban Expositions (50 percent partner)
   -- Philadelphia Gift Show
   -- Myrtle Beach Gift Show
   -- Columbus Gift Expo
   -- Atlantic City Gift Show
   -- Miami Gift Show
   -- High Point Gift Show
   -- Florida Gift Show
   -- Material World
-- WWD/MAGIC Trade Show (30 percent partner)
-- New York Shoe Expo (30 percent partner)

Conferences
-- Apparel CEO Summit
-- Beauty CEO Summit
-- Footwear News Global Summit
-- Home Furnishings CEO Summit
-- Textiles Home Furnishing Conference
-- Housewares Conference
-- Menswear Conference
-- Supermarket CEO Summit

Other Products
-- Book division (fashion textbooks)
-- Strategic information services (custom information reports)
-- Technology newsletters
-- Specialty Stores newsletter

Web Sites
-- Brand Marketing
-- Children's Business
-- DNR
-- Executive Technology
-- Fairchild Urban Expositions
-- Footwear News
-- HFN
-- High Points Magazine
-- Jane
-- Supermarket News
-- SN Archives
-- WWD
-- WWD Online (by subscription)
-- W Magazine