SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 4, 1999
THE READER'S DIGEST ASSOCIATION, INC.
(Exact name of registrant as specified in its charter)
Delaware 1-10434 13-1726769
(State or other juris- (Commission File (I.R.S. Employer
diction of incorporation Number) Identification No.)
or organization)
Pleasantville, New York 10570-7000
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code:
(914) 238-1000
ITEM 5. Other Events.
Filed herewith as Exhibit 99.1 is a copy of the
company's news release, issued today, relating to the sale of its
UK headquarters building.
ITEM 7. Financial Statements, Pro Forma Financial Information
and Exhibits.
(a) Financial statements of business acquired
Not applicable
(b) Pro forma financial information
Not applicable
(c) Exhibits
Number Description
99.1 Press Release of The Reader's Digest
Association, Inc. dated February 4, 1999
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
THE READER'S DIGEST ASSOCIATION, INC.
(Registrant)
Date: February 4, 1999 By: GEORGE S. SCIMONE
George S. Scimone
Senior Vice President and Chief Financial Officer
EXHIBIT INDEX
Exhibit No. Description
99.1 Press Release of The Reader's Digest
Association, Inc. dated February 4, 1999
Exhibit 99.1
Contact: Stephen J. Morello
Vice President, Public Relations/Corp. Communications
914 244-7717
READER'S DIGEST SELLS LONDON PROPERTY
PART OF STRATEGY TO CUT COSTS, CONVERT ASSETS,
REINVEST IN GROWTH
PLEASANTVILLE, N.Y., February 4, 1999--The Reader's Digest
Association, Inc. announced today that its U.K. subsidiary, The
Reader's Digest Association Limited, has sold its Canary Wharf,
London headquarters building to DIFA (Deutsche Immobilien Fonds
AG), a German real estate fund.
Sale price for the building, located at 11 Westferry Circus
in London's Docklands, was about Pound Sterling 59 million (approximately
US$97.3 million).
Thomas O. Ryder, chairman and CEO of The Reader's Digest
Association, Inc., said "Sale of 11 Westferry Circus building is
an important element of our effort to reduce costs, convert
underutilized assets and position Reader's Digest for long term
growth." The company announced in September that it would
undertake efforts to significantly reduce costs and channel
proceeds into growth strategies and new business initiatives.
The company will lease back for its U.K. headquarters about
two-thirds of the 140,000 square foot office building from the
new owner.
In the recent announcement of its second quarter earnings,
the company reported the sale of works of art from the company's
collection and its South Africa subsidiary.
The Reader's Digest Association, Inc. is a global publisher
and direct marketer of products that inform, enrich, entertain
and inspire people of all ages and all cultures around the world.
Worldwide revenues were $2.6 billion for the fiscal year ended
June 30, 1998. Global headquarters are located in Pleasantville,
New York.
