Report: Reader's Digest Seeks to Sell Itself

Media company Reader's Digest is reportedly seeking to be bought out with the hope of getting a $1 billion sale price, The Wall Street Journal reported.

The paper reports that it has hired financial advisers to help find a buyer, although the company could be sold off in pieces, the paper stated.

Reader's Digest was once a major employer in northern Westchester, with seven decades spent at its campus in Chappaqua, until it last December. The move resulted from the company breaking its lease with developer Summit/Greenfield, , moving to New York City and White Plains. Summit/Greenfield, which renamed the site Chappaqua Crossing, purchased the property from Reader's Digest in 2004 and leased it back, and is now involved in over its efforts to build a residential/commercial mixed development.

For more information on the reported actions, click here for the Journal's story.