Reader's Digest no longer a public company

With the announcement Friday that it has completed its US$1.6 billion dollar acquisition of Reader's Digest Association (RDA), Ripplewood Holdings marks the end of 17 years as a publicly traded company on the New York Stock Exchange. The purchase of RDA by the private investment group is indicative of a recent trend toward private ownership at large media companies.

Effective immediately, RDA President and CEO Eric W. Schrier is being replaced in both capacities by Mary Berner, for the last six years the head of Fairchild Publications, a division of Conde Nast.