Timothy Collins’ acquisition of Reader’s Digest Association Inc. in March 2007 was more than an effort to revive a faded magazine icon. It was a key step in a plan to build a media and marketing group that led the buyout investor to later approach Time Warner Inc. about merging with its magazine unit.
That ambition collapsed last week when Reader’s Digest said it planned to file for bankruptcy as declining ad sales threatened its ability to service $2.2 billion of debt, most taken on in the takeover led by Ripplewood Holdings Inc., the New York-based private-equity firm Collins started in 1995.
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