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Spin to Go to Hartle at Bargain Basement Price

Miller Publishing’s Spin magazine is close to a sale to Hartle Media, Folio reports. Sources had speculated that the sale price for the magazine, which once sold for $42 million, would be close to $5 million, but one source said that the actual cash value of the transaction, after the assumption of a subscription liability, would be significantly less.

Last year, Miller was offered an unsolicited $100 million for both Spin and Vibe, but decided to open up the sale to other bidders.

Spin has reportedly been losing up to $3 million a year and marketshare - both in terms of advertising and cache - to mags like Blende.  Last year, the 550,000-circ Spin took in $33.83 million PIB revenue - flat when compared to 2004 - on 580 ad pages, a decrease of four percent.