The 58-year-old publication has been part of the Time Inc. family since 2000 and was put up for sale in October, 2017. The golf publication and its digital site never were expected to be part of any sales talks with Meredith, the new owner of Time Inc.
A sale price has not been disclosed, but the transaction is expected to close on January 19th, 2018.
Some staffers at Golf were notified Monday of the transaction and have been told that the Milstein group expects to invest in content and production. Plans call for a more luxurious print product and enhanced online resources. Still unknown is the status of contributors Alan Shipnuck, Michael Bamberger and other Sports Illustrated writers who worked mostly on the Golf side in recent years.
Milstein reportedly beat out multiple suitors, including Golf Channel and tee time services eager for the user-friendly URL. Several parties signed non-disclosure agreements to inspect Golf’s books, including Golf Digest.
Insiders say the Chairman, President and CEO of New York Private Bank & Trust—the nation's largest privately owned, family-run bank, is purchasing Golf through its operating bank, Emigrant Capital. Milstein is believed to be bullish on making Golf work as a media company with the obvious synergistic benefits to his other investments in the sport.
Responding to a reply for comment, Time Inc spokesperson Jill Davison said, "The sales process for Golf is proceeding well and as soon as there are further developments we will share them."
Efforts are ongoing to obtain comment from representatives of Mr. Milstein and Golf.