The Reader's Digest Association Inc., said that it has sold the stock of Taste of Home Entertaining Inc. of Brookfield to a group of private investors led by Eric Schrier, former president and CEO of Reader's Digest.Terms of the transaction, which will result in the company relinquishing its name, were not disclosed. Taste of Home is the popular food magazine brand acquired by Reader's Digest (NYSE: RDA) when it purchased Reiman Publications of Greendale in 2002.
Bill Shaw, Taste of Home's president and founder, is also an investor and will retain his operating role.
Taste of Home Entertaining will change its name by year end, Reader's Digest said July 25. Taste of Home Entertaining, launched in 2006, is a party plan business focused on entertaining products sold by independent consultants who host sales events in homes all across America.
