Banker shells out big bucks to buy Golf Magazine

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Banker Howard Milstein is the new owner of Golf Magazine and its Web site, golf.com.

Terms of the deal were not disclosed, but the price tag was estimated to be around $15 million.

The properties were put on the block last year by Time Inc. but did not get sold until after the Meredith takeover closed on Jan. 31.

“We look foward to continuing Golf Magazine’s long history of editorial excellence, both in its print edition and through its Web site and other offerings,” said Milstein, who is the chairman and chief executive of New York Private Bank and Trust, which operates Emigrant Bank and its private equity arm, Emigrant Capital.

Editor-in-Chief David DeNunzio and the entire staff are expected to be retained by the new owners.

For Milstein, who has also made his mark in real estate, it is a return to the media world. He was among a group of partners with Steve Brill in Brill Media and Powerful Media in 2001.



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