The Reader's Digest Association acquires Walkingmagazine.

PLEASANTVILLE, N.Y.--(BUSINESS WIRE)--April 2, 1997--

-- Category leader seen as excellent strategic fit

for global publisher and direct marketer --

The Reader's Digest Association, Inc. (NYSE: RDA, RDB) today announced that it has acquired Walking

Walking joins the Reader's Digest Special Interest Magazine Group that also includes American Health For Women, The Family Handyman and New Choices: Living Even Better After 50 in the United States, and Moneywise in the United Kingdom. Combined circulation of these publications has now surpassed 3.1 million, up more than 25% over last year.

"Walking is an ideal strategic fit for Reader's Digest for a number of reasons," said Greg Coleman, Vice President and General Manager of Reader's Digest U.S. Magazine group. "First of all, Walking is a leader in its category, with a strong track record of editorial excellence and rapid circulation growth. We can also realize some outstanding advertising synergies with our other special interest titles.

"Perhaps even more importantly," Coleman added, "Walking brings in a host of new and younger customers to the Reader's Digest database. From research already conducted, we know these customers represent excellent sales prospects for the full range of books and home entertainment products that we market so successfully to our current magazine subscribers."

Boston-based Walking, published six times a year with a 600,000-plus circulation, will be renamed Reader's Digest Walking as part of the company's strategy to extend its brand name to other print and broadcast media beyond its flagship publication. The company has now begun re-branding its other special interest magazines and is looking at adding additional titles to the portfolio because extensive research underscores the trust consumers have in the Reader's Digest brand name.

"Although we are proud of the turnaround Walking has gone through under Cowles Enthusiast Media, our current strategy concentrates on titles in niche markets," said Phil Penny, President of Cowles Enthusiast Media. "With Walking showing continued circulation growth and national advertising potential, we felt that the magazine would benefit from a company with resources to support both increased circulation efforts and advertising support."

Coleman said the Reader's Digest Walking editorial staff will remain in Boston and circulation, production and fulfillment management will be handled by the Reader's Digest Special Interest Magazine staff in Manhattan.

Cowles Media Company is a newspaper, magazine and information services company headquartered in Minneapolis. Its operating units include The Star Tribune, serving Minneapolis and St. Paul; Cowles Enthusiast Media, Inc., publishers of special interest consumer magazines and related products; Cowles Business Media, Inc., publishers of magazines, online research products and conferences for media and marketing services industries; and Cowles Creative Publishing, a specialty publisher of continuity (series) books in the home arts, do-it-yourself, recreation and history markets.

The Reader's Digest Association, Inc., is the preeminent global publisher and direct marketer of distinctive products that inform, enrich, entertain and inspire people of all ages and all cultures all over the world. Total revenues for the fiscal year ended June 30, 1996 were $3.1 billion. Global headquarters is in Pleasantville, N.Y.

CONTACT: The Reader's Digest Association, Inc.

Stuart C. Ross, 914/244-5010

-OR-

Cowles Media

Frank Parisi, 612/673-7013