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Hearst Corp. Close to Buying Stake
In Tina Brown's New 'Talk' Magazine

By Eric R. Quinones  Associated Press
NEW YORK — Hearst Corp., publisher of Good Housekeeping and Esquire, is close to becoming a part owner of Talk, the new magazine being developed by Miramax Films and former New Yorker editor Tina Brown, according to sources familiar with the negotiations.

Talk's fall debut should generate enormous public interest given the celebrity of its founders. Hearst would provide expertise in publishing and distributing magazines, in addition to financial backing.

Hearst's board is considering the proposal and a deal could be announced within a week, the sources said Thursday, speaking on condition of anonymity. It was unclear how big Hearst's ownership stake might be, and the deal could still possibly fall through.

Spokesmen for Miramax and Hearst in New York both declined comment.

Miramax, the studio behind the Scream films and The English Patient, is owned by Walt Disney Co., which already has several ventures with Hearst. The publisher owns stakes in Disney's ESPN cable sports network and magazine, and the two companies co-own the Lifetime and A&E; cable networks.

A union with Hearst would give Talk access to Hearst's huge database of subscribers and the benefit of its long-standing relationships with advertisers and newsstands.

For its part, Hearst would gain a stake in a celebrity-filled general interest magazine to compete with the likes of Vanity Fair, another magazine formerly edited by Brown and published by rival Conde Nast Publications.

Hearst already has a strong collection of special-interest magazines such as Cosmopolitan, Popular Mechanics, Redbook, Town & Country and SmartMoney.

Plans to launch Talk magazine were announced in July, when Brown stepped down as editor of The New Yorker after a controversial six-year tenure. While critics complained that she drowned the venerable literary magazine in glitz, The New Yorker's circulation grew under Brown's stewardship.

Vogue publisher Ronald Galotti also left Conde Nast — both magazines' parent company — to join Brown and Miramax in the venture. The new company, Talk Media, includes book publishing and TV production operations in addition to the magazine.

Hearst is the nation's third-largest magazine publisher behind Time Inc. and Conde Nast. The privately held company also has interests in book and newspaper publishing, broadcasting and Internet ventures.

In a separate deal announced Thursday, Hearst is teaming with a company called Women.com Networks to create an online women's network. The network will combine the Women.com and HomeArts.com sites with links to the sites of 11 women's magazines owned by Hearst.

Hearst will own half of the venture and promote the network through its magazine and television properties. Terms of the deal weren't disclosed.

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