Peril cited in National Geographic sale not evident in financial disclosures - why is it selling?
National Geographic magazine will shift to for-profit status with a partnership with Fox. (Bill O'Leary/The Washington Post)
In explaining the National Geographic Society’s decision to sell its 127-year-old magazine and other assets to Rupert Murdoch’s media empire Wednesday, chief executive Gary Knell stressed the financial urgency facing his organization. The nonprofit society, he told employees in a staffwide meeting in Washington, faced “enormous and real existential risks” if it didn’t sell the properties.
Although the magazine was by all accounts in decline, a sense of financial peril — let alone impending doom — isn’t evident in the organization’s publicly available financial disclosures.
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