Anyone else note the buried lede in the Jack Nicklaus story today?

[Peter Pallotta]

Mr. Nicklaus announced today that he was stepping away from the day to day operations of the Nicklaus Companies to spend more time on other pursuits, including support for charities. His partner (since 2007) Howard Millstein will take on a more prominent role; there was little mention of the design business other than to highlight Jack II's role and to suggest JN would see the current projects through to the end. 

But: later in the article and with just one line (which I've bolded), there was what I thought to be quite interesting news: "...Nicklaus Companies boasts an array of Jack Nicklaus-branded products that includes golf balls, wine, ice cream, restaurants, beverages and lifestyle items such as footwear and apparel. Just this week Millstein finalized the purchase of Golf Magazine."


Did anyone know about that? Thoughts?

[John Kavanaugh]

For Jack being one of the greatest of all time in individual sports I am most impressed how generous he is with his business partners. Truly, a great man indeed.

[Tom_Doak]

The company that bought out Time Inc. had no interest in GOLF Magazine, and started looking for a buyer shortly after they closed.


Not sure why Mr. Millstein was the buyer, as he seems to be a banker by trade, without any other publishing interests.


If you think it's weird that the Nicklaus Companies and GOLF would be under joint ownership, apparently one of the other potential buyers for GOLF Magazine was GOLF DIGEST.  Now that would be "consolidation".

[John Kavanaugh]

Now if Waste Management would just buy Golfweek. Think of the fuel savings.

[Jim Nugent]

Does this mean Jack won't design courses any more? 

[Tim_Cronin]

Time Inc. was shopping Golf for a while before the deal and while it was closing; it took a while to close it. Good news is the Golf-specific staff is being retained. Don't know yet if the SI/Golf crew stays with SI or goes to Golf.

[Steve Lapper]

The company that bought out Time Inc. had no interest in GOLF Magazine, and started looking for a buyer shortly after they closed.


Not sure why Mr. Millstein was the buyer, as he seems to be a banker by trade, without any other publishing interests.


If you think it's weird that the Nicklaus Companies and GOLF would be under joint ownership, apparently one of the other potential buyers for GOLF Magazine was GOLF DIGEST.  Now that would be "consolidation".

Mr. Milstein is indeed a banker, and the primary owner of the one of the largest privately-held banks in the US. He also is a significant investor in a very well-known and critically-lauded course as well as the majority owner of several golf co.'s. I'm told his primary interest in purchasing the magazine was it's valuable URL, and it's Top 100 Instructors and Courses lists. What he does with them remains to be seen.


The Golf Digest interest was pure bull...t, a ploy by their senior staff to "peek under the covers." The last thing Conde Nast wants is another sports title, staff and overhead. The notion that a consolidation of the two might make sense is phony and transparent..much like the GD publication itself.

[Tom_Doak]

I'm told his primary interest in purchasing the magazine was it's valuable URL, and it's Top 100 Instructors and Courses lists. What he does with them remains to be seen.


The Golf Digest interest was pure bull...t, a ploy by their senior staff to "peek under the covers." The last thing Conde Nast wants is another sports title, staff and overhead. The notion that a consolidation of the two might make sense is phony and transparent..much like the GD publication itself.

I figured if it was cheap enough, GOLF DIGEST would just want to buy it to make it go away.


Also, GOLF Magazine is worth more because of their rankings? 

[Steve Lapper]

I'm told his primary interest in purchasing the magazine was it's valuable URL, and it's Top 100 Instructors and Courses lists. What he does with them remains to be seen.


The Golf Digest interest was pure bull...t, a ploy by their senior staff to "peek under the covers." The last thing Conde Nast wants is another sports title, staff and overhead. The notion that a consolidation of the two might make sense is phony and transparent..much like the GD publication itself.

I figured if it was cheap enough, GOLF DIGEST would just want to buy it to make it go away.


Also, GOLF Magazine is worth more because of their rankings?

No, I don't think there was ever much of a chance of the extinguishment bid you cite. Especially so at a publication that is already selling "Golden Ticket(s)" to meet revenue targets (and pay for the rich retirement packages of certain execs).


Yes, despite your protestations or bewilderment, there is perceived (correctly IMO) to be considerable untapped value in what still remains the "best of the bunch." Don't mistake that for any endorsement of the theory specific to GM's rankings, but instead an economic observation.

[Tom_Doak]

Yes, despite your protestations or bewilderment, there is perceived (correctly IMO) to be considerable untapped value in what still remains the "best of the bunch." Don't mistake that for any endorsement of the theory specific to GM's rankings, but instead an economic observation.

So are they going to start paying all of you valuable panelists for your knowledge?


Or are they counting on others to do the paying?

[Steve Lapper]

Yes, despite your protestations or bewilderment, there is perceived (correctly IMO) to be considerable untapped value in what still remains the "best of the bunch." Don't mistake that for any endorsement of the theory specific to GM's rankings, but instead an economic observation.

So are they going to start paying all of you valuable panelists for your knowledge?


Or are they counting on others to do the paying?

In my case, the fee wouldn't cover a cup of coffee! :`)  Unless, of course, I were to publish the un-redacted "Public Guide"...aka the printed doppelgänger of the "Confidential" version.


Who knows who pays whom? I suppose one might ask Ron Whitten or Jerry Tarde.


PS....I think we are probably best served to continue this discussion offline.

[Tom_Doak]

Steve:


I've no desire to go further. 


But, as a fellow critic, I will share one thing I've learned:  one has more credibility when willing to criticize one's own ventures in print, than simply criticizing competitors.

[Peter Pallotta]

As George Gobel once asked:
Do you ever get the feeling that the world is a tuxedo, and you're a pair of brown shoes?

Which is to say: looks like I'm the last to know, and that the focus of my interest is misplaced. I was just curious about how the Nicklaus company planned to monetize this investment. 

[Steve Lapper]

Steve:

But, as a fellow critic, I will share one thing I've learned:  one has more credibility when willing to criticize one's own ventures in print, than simply criticizing competitors.

Tom:


  That's rich!

[Adam Clayman]

Peter, So are they.

[Jeff Schley]

Steve:

But, as a fellow critic, I will share one thing I've learned:  one has more credibility when willing to criticize one's own ventures in print, than simply criticizing competitors.

Tom:


  That's rich!

As said in the world of art: "The harshest critic of art should be the artist holding the brush."

[Peter Pallotta]

Peter, So are they.

Thanks, Adam.
Lovely to hear from you, however briefly. I hope you've been well.
I see that I'm as out of my element when it comes to business/investments as I am when it comes to great golf course architecture.
All I could imagine was them serializing the "Golf My Way" book in monthly installments, so as to keep JN's name in print.

[Eric Smith]

As George Gobel once asked:
Do you ever get the feeling that the world is a tuxedo, and you're a pair of brown shoes?

Kinda makes you wish your game for life was tennis doesn’t it. Or you didn’t own a computer.

[David_Tepper]

http://www.geoffshackelford.com/homepage/2018/2/8/milsteins-15-million-purchase-of-golf-magazine-becomes-offic.html

[Tom_Doak]

Peter, So are they.

Thanks, Adam.
Lovely to hear from you, however briefly. I hope you've been well.
I see that I'm as out of my element when it comes to business/investments as I am when it comes to great golf course architecture.
All I could imagine was them serializing the "Golf My Way" book in monthly installments, so as to keep JN's name in print.

It is interesting, in that Jack Nicklaus has been directly associated with GOLF DIGEST and not GOLF Magazine for his entire professional life.


But when I went to the latest issue of GOLF DIGEST now to see if he's still on the masthead as a Contributing Editor, I couldn't even find a list of the editors.  And there's no article from Jack about instruction or architecture, as there nearly always is. 

[John Kavanaugh]

If you had the money who wouldn't want to run a magazine, fly his own plane and marry a beautiful young woman? What could possibly go wrong?


Seriously, buying magazines and newspapers is super cool. Not everything associated with golf has to be about profits.

[Tom_Doak]

Seriously, buying magazines and newspapers is super cool. Not everything associated with golf has to be about profits.

Well, on the newspaper front, it would appear that billionaires think the power of the press is "super cool".

[John Kavanaugh]

Well, if you can't shoot your car into space...

[Jerry Kluger]

I played a Nicklaus course near me and the member told me that they had a 25 year celebration and invited Jack - his fee was $45,000 for the day and they paid it - doesn't appear to be a need for him to do much of anything to make a whole bunch of money.

[Jeff Schley]

I played a Nicklaus course near me and the member told me that they had a 25 year celebration and invited Jack - his fee was $45,000 for the day and they paid it - doesn't appear to be a need for him to do much of anything to make a whole bunch of money.

Heck I'd pay $45k to spend the day with Jack! 

Supply and demand, they aren't many 18 time major winners around.