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RDA TIMELINE

Corporate Timeline and Milestones

• Our Founders' Beginnings - The Early Years
• The 1940s
• The 1950s
• The 1960s
• The 1970s
• The 1980s
• The Company Goes Public (1990s)
• A New Chapter: The 21st Century

Our Founders’ Beginnings – the Early Years


1889


• November 12: Reader's Digest founder William Roy DeWitt Wallace is born in St. Paul, Minnesota, the fifth of seven children.

1920

• DeWitt borrows $600 from his family and creates a sample magazine containing condensations of articles. He submits it to publishers across the country, but there is no interest.

1921

• After losing his job at the Webb Publishing Company in Minnesota, DeWitt establishes The Reader's Digest Association and solicits 1,500 subscriptions at $3 each, which enables him to make plans to publish his magazine on his own.


Copyrighted by Arnold Newman



• October 15: DeWitt marries Lila Bell Acheson in Pleasantville, N.Y. Lila was the daughter of a Presbyterian minister and the sister of Barclay Acheson, a Macalester classmate of DeWitt's.

• DeWitt and Lila open the first Reader's Digest office under a Greenwich Village speakeasy at No. 1 Minetta Lane in New York City.

1922

• February: Volume 1, No. 1 of Reader's Digest is published with DeWitt and Lila Wallace on the masthead as editors. It is sold exclusively through the mail.

• The Wallaces move to Pleasantville, New York, to public relations executive Pendleton Dudley's garage and pony shed.

1923

• Reader's Digest offers a special rate of $2.75 for a one-year subscription or $2.50 each for two or more subscriptions.

1925

• With subscriptions nearly quintupled, the Wallaces move to expanded quarters in Pleasantville. By buying land that had long been vacant next to Pendleton Dudley's property, they build a home and office of their own.

• DeWitt Wallace hires his first full-time employee, Ralph E. Henderson, as business manager.

1929

• Reader's Digest appears on newsstands for the first time.

1930

• The first unsigned original article appears in Reader's Digest entitled, "Music and Work."

• The introduction of original articles into Reader's Digest also would later bring the introduction of original Reader's Digest departments, which would mark the beginning of reader participation as contributors to the magazine.

1933

•The first signed original article, "Insanity -The Modern Menace" by Henry Morton Robinson, appears in Reader's Digest.

1934

• The first full-length book condensation, Arnold Bennett's "How To Live On Twenty-Four Hours A Day," is published in Reader's Digest.

• Originally 64 pages, Reader's Digest expands from 112 to 128 pages with the December 1934 issue.

1935

• The magazine's Reprints Department was established.

• Circulation of Reader's Digest surpasses the 1 million mark and reaches 1,457,500.

1936

• As their operations overflow available space in Pleasantville, the Wallaces purchase land in Chappaqua, New York, where they planned to build new headquarters.



1937

• Construction begins on The Reader's Digest Association, Inc.'s new Georgian-style headquarters. In December, additional land on adjoining property is purchased.

1938


• The first international edition is published in the United Kingdom. DeWitt and Lila Acheson Wallace establish The Reader's Digest Foundation.

1939

• The company moves into a white-towered, three-story, red brick Georgian building in Chappaqua. Since that time, the growth of the Digest has necessitated major additions and extensions to the original building.

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The 1940s and 1950s

1940

• First foreign-language edition is published in Spanish for distribution in Latin America.

1941

• The company buys the Guest House, originally built around 1850, and a tract of surrounding land next to the corporate headquarters property. The Guest House later would be used to entertain and house many distinguished guests, including international Reader's Digest employees. Dignitaries and celebrities who would visit included U.S. Presidents Ronald Reagan and Gerald Ford, Reverend Billy Graham, New York Cardinal John O'Connor, U.S. Congressman Bill Bradley, New York City Mayor Ed Koch, CBS news anchor Dan Rather, author Alex Haley, Wendy's fast food restaurant founder Dave Thomas, host of FOX television's "America's Most Wanted" series John Walsh and opera singer Beverly Sills.

1942


• First issue of RD magazine is distributed in Brazil.

1943

• First issue of the Swedish edition is published.

1945


• First issue of the Finnish edition is published.

Post World War II


• First issues of the Australian, Danish, French-Canadian, English-Canadian, Norwegian, French Belgian, German, Italian, Swiss-French, Swiss-German and South African editions are published.

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1950s

1950

• Reader's Digest Condensed Books (later Select Editions) is established, with the first condensed book edition appearing in the United States and Canada.


• The first issues of Reader's Digest magazine in New Zealand and Argentina are published.

1952


• The first issue of the Spanish edition is published in Madrid.

1954


• The first Indian edition is published in English.

• Reader's Digest Condensed Books are published in Australia and the United Kingdom.

1955

• Reader's Digest Fund For The Blind (now called RD Partners for Sight) is established.

• Already in international editions, paid advertising appears for the first time in the U.S. edition of Reader's Digest. Tobacco ads continued to be prohibited.

• Reader's Digest Condensed Books are published in France, Germany and Italy.

1956

• Lila creates the Lila Acheson Wallace Fund, a private philanthropic foundation. The largest private funder of arts and culture in the United States, the Fund was designed to support programs in the performing, visual, literary and folk arts, and adult literacy and urban parks.

1957


• First issue of the Dutch edition of RD magazine is published.

1958

• First issues of Condensed Books are published in Denmark and the Netherlands.

1959


• Reader's Digest begins producing recorded music collections in the United States. - the company's first non-print product line.

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The 1960s


In the 1960s, the first Asian-English and Chinese editions of RD magazine are published.

1961

• The first Reader's Digest Condensed Book is published in Norway.

1962

• Reader's Digest begins conducting the first direct mail sweepstakes in the U.S.

1963

• Reader's Digest Association publishes the first original general book, Reader's Digest Great World Atlas, in the United Kingdom.



• The Quality School Program (QSP) is founded in the United States to provide students with the opportunity to participate in magazine subscription campaigns as part of school fundraising activities. QSP (as the program later would be known) went on to become the largest school and youth fundraising organization of its kind.

• First issue of the Asian edition of RD magazine is published in Hong Kong in English.

1965

• DeWitt creates the DeWitt Wallace Fund, a private philanthropic foundation. The Fund invests nationwide in programs designed to help American youth achieve their educational and career aspirations.

• First issue of the Chinese edition is published for distribution in Hong Kong, Taiwan, Malaysia, Thailand and the Philippines.

• The first RD Condensed Book is published in Sweden.

1966

• DeWitt and Lila Wallace create two additional private foundations: the Lakeview Fund and High Winds Fund.

1968

• First issue of the Belgian/Flemish edition of RD magazine is published in the Dutch language.

1969

• Reader's Digest Association conducts a landmark survey of European consumers called "Europe Today." Results of an updated survey were announced in 1991.

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The 1970s


1971


• First issue of U.S. Selecciones, the U.S. Spanish-language edition of RD magazine, is published.

• First issue of RD magazine is published in Portugal.

1972

• DeWitt and Lila Wallace receive the Medal of Freedom, the highest honor that can be bestowed on a civilian by the United States government.

1973

• De Witt and Lila Wallace, both in their 80s, give up active management of the business.

1975

• First Reader's Digest Condensed Book is published in Finland.

1978

• First issue of the Korean edition of RD magazine is published.

The 1980s

1981

• March 30: DeWitt Wallace, aged 91, dies at High Winds, the Wallaces' 105-acre estate in Mount Kisco, New York.

1984

• May 8: Lila Wallace, aged 94, dies at home. George V. Grune becomes the chairman and chief executive officer. In her will, Lila Wallace bequeathed her voting shares into a trust. The beneficiaries of the trust were the Wallaces’ charitable funds, which had received many shares from the Wallaces during their lifetimes and after Dewitt's death.

1985

• Reader's Digest Association, a pioneer in the use of computers in direct mail marketing, opens a new $15 million data center at its global headquarters in Pleasantville. Today the company’s global data center processes information from around the world.

1986

• The Wallace Room, a permanent exhibition tracing the history of Reader's Digest Association and its founders, opens at the company's global headquarters. Its exhibits would later be updated to cover the company's products, philanthropies and employee activities.

• Reader's Digest Association enters the video business with its first offer to customers.

1987

• The four private philanthropies created by the founders of Reader's Digest are combined into two separate foundations and renamed the DeWitt Wallace-Reader's Digest Fund and the Lila Wallace-Reader's Digest Fund.

• DeWitt Wallace is elected to the Direct Marketing Association's Hall of Fame, established in 1978 to recognize individuals who have made major contributions to the direct mail and direct marketing fields.

• The Reader's Digest Association purchases The Family Handyman.

1988

• Household Hints & Handy Tips becomes a No. 1 best seller for general books, selling more than 1.2 million copies within 30 days.

1989

• May 25: Reader's Digest Association announces a plan for an initial public offering of nonvoting stock.

• First Reader's Digest Condensed Book is published in Portugal.

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The Company Goes Public (1990s)

1990

• February 15: Reader's Digest Association becomes a public company. The company's non-voting shares of its stock ("RDA") are traded on The New York Stock Exchange for the first time. A second class of stock, “RDB”, retains voting rights and is mainly held by the Wallace Funds.

• September: Reader's Digest Association publishes its first annual report to shareholders.

1991
• Results of the "Reader's Digest Eurodata" survey, an update of the company's landmark 1969 "Europe Today" study, are released worldwide. One of the most comprehensive undertakings of its kind, it provided a wealth of information on European public opinion, demographics, consumer spending and product preferences.

• The Russian edition of RD magazine is launched.

• The Hungarian edition is launched.

1992

• The company's first global advertising campaign is launched with ads appearing in 13 languages and 77 magazines and newspapers worldwide, and a CNN International commercial reaching six continents.

• March 5: First public offering of voting stock (RDB).

• Condensed Books publishes its 200th volume in the U.S.

•Reader's Digest Association wins its first Emmy Award for an original video, "Great National Parks II."

1993

• The Czech edition is launched in Prague.

• The first Mexican Condensed Book is launched in Spanish.

1994

• March: Reader's Digest Association establishes Young Families, a new subsidiary that creates and markets children's books and home entertainment products.

• U.S. Reader’s Digest publishes its 10 billionth copy.

• August 1: James P. Schadt is named president and chief executive officer, succeeding George V. Grune, who retires as chief executive officer and remains as chairman of the board.

1995

• The Polish edition of RD magazine is launched in Warsaw.

• August 1: James P. Schadt is named Chairman of the Board succeeding George V. Grune, who retires.

1996

• The Thai edition of RD magazine is launched in Bangkok.

• Reader's Digest World, later called www.rd.com, a multi-tiered global Web site, is launched.

1997

• James P. Schadt resigns. George V. Grune returns to help the Board of Directors search for a new CEO.

• The Slovak edition is launched.

1998

• April: Thomas O. Ryder is recruited from the American Express Company as Chairman and CEO. He announces the first of a series of broad initiatives to restore the company's profitability and build for the future.

• May: Reader's Digest redesigns its flagship magazine, including moving the table of contents from the cover to the inside of the publication.

• Reader's Digest Association acquires Rodale Press, Inc.'s Woodworking Group, which includes American Woodworker magazine.

1999

• The company announces "Four Phases" of growth, including global re-engineering and culture change – designed to institutionalize change and build long-term growth.

• The company achieves earnings growth in each quarter, posting Fiscal 1999 operating profit up 67 percent for the year.

• The company acquires Books Are Fun, Ltd., the nation's leading display marketer of books and gifts, for approximately $380 million. The acquisition was part of a strategy to diversify distribution channels while also using its brand strength to create new opportunities.

• Czech, Polish and Slovak editions of Condensed Books are launched.

• The company launches a global effort to partner with financial services companies – credit cards, insurance, mutual funds, etc. – which offer their services directly to Reader’s Digest Association customers.

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A New Chapter: The 21st Century



2000

• The company achieves a second straight year of strong operating profit growth. Operating profit is up 54 percent over the previous fiscal year.

• Reader's Digest Association acquires Receptar, a do-it-yourself and gardening magazine in the Czech Republic.

• The first volume of Select Editions is published in Russia. The company publishes 19 editions in 16 languages and 29 countries.

2001

• The flagship magazine Reader's Digest launches a series of sweeping editorial and design changes to enhance the publication and increase its appeal globally, called "The Quiet Revolution."

• Books and Home Entertainment's How to Do Just About Anything on a Computer is developed in one third of the normal time from concept to market, and reaches multimillion unit sales.

2002

• January: RDA announces the launch of the Reader's Digest National Word Power Challenge(SM). Based on the Word Power(R) section of Reader's Digest magazine, the contest is designed for students in grades 4-8 in public and private schools in the United States..

• Following 2001 business disruptions including 9/11, anthrax and a sweepstakes agreement that affected the business, the company takes a number of steps designed to strengthen its financial prospects for the future. This includes sale or closing of unprofitable businesses, restructuring and other moves.

• May: RDA completes its $760-million acquisition of Reiman Publications LLC, the leading publisher of cooking, gardening, country lifestyle and nostalgia magazines and books in the United States and Canada. Reiman publishes 12 bimonthly magazines with an aggregate circulation of 16 million subscribers. Seven of the magazines are among the top 100 in the United States in circulation. The largest, Taste of Home, is the nation’s top-selling food magazine.

• December 13: RDA’s class B voting common stock shareholders vote and approve a recapitalization of the company. As a result of the agreement between the company and the Wallace Funds, the company’s class B stock and class A nonvoting common stock become a single class with voting rights – one share, one vote.

2003

• Reader’s Digest magazine completes its worldwide editorial enhancements, having been successfully transformed to welcome new readers without alienating longtime readers. A year later the magazine would add minor changes to the familiar script masthead and Pegasus mascot to further modernize its appearance.

• RD International begins a program to improve profitability and stabilize business results, called “Restructure, Restore and Invest.” The program includes combining regions, reducing costs, and introducing process improvements and harmonization. RDI announced plans to invest in expansion into new countries and launch of new magazines.

2004

• The company begins a two-year program targeting year-over-year profit and revenue growth. For full-year Fiscal 2004, the company records double-digit operating profit growth in both RD North America and RD International.

• RDA launches new business in the Central European countries of Romania, Slovenia, Croatia and Ukraine. It also launches new magazines in Canada and the United States and expands Books Are Fun and Young Families businesses internationally.

• U.S. Reader’s Digest lowers its rate base in several steps to a carefully calibrated 10 million copies, designed to maintain its status as the nation’s largest-selling magazine but at the same time to operate more profitably.

• December: RDA completes sale and 20-year leaseback of its Pleasantville headquarters, allowing the company to stay in its historic location while producing multi-million dollar annual savings.

2005

• June: RDA completes its two-year plan, and it is mostly successful. Highlights include two-year operating profit increases for the core businesses of 50 percent at RD North America and 55 percent at RD International.

• September: RDA launches new book businesses in two Central European countries, Bosnia and Serbia, RDA’s fifth and sixth new-country launches in the past three years. RD International is using new-country launches to build long-term growth, adding incremental revenue and operating profit.

• RDA launches Romanian, Slovenian, and Croatian editions of Reader’s Digest magazine. The flagship’s now has 50 editions in 21 languages. New magazines have also been published in Mexico, Russia, Germany, Australia and Finland over the past few years.

• RDA launches Every Day with Rachael Ray, a major food-magazine launch featuring the popular author and star of four programs on TV’s Food Network, and Cooking for 2, its fifth new magazine in two years using the Reiman editorial formula. Other recent successful new launches are Backyard Living, Our Canada, Birds & Blooms Extra and RD Specials.

2006

• January: After six years at RDA, Eric Schrier, formerly RD North America President and Global Editor-in-Chief, succeeds Tom Ryder as Chief Executive Officer.

• RDA launches book-publishing businesses in four countries -- Bulgaria, Kazakhstan, Lithuania and United Arab Emirates -- bringing to 10 the number of new countries that RDA has entered in the past 22 months.

• March: RDA enters into an agreement to acquire Allrecipes.com, the world’s largest independent food website. This marks a significant step toward RDA's strategic goals of expanding and deepening the RDA customer communities, as well as becoming a more significant player in digital media. Allrecipes.com complements the Taste of Home franchise by connecting cooks across the country online. The deal also gives RDA a new distribution channel for its products and serves as a portal for many food-related products and services.

• May: RDA rolls out Taste of Home Entertaining, a new-concept home entertaining party plan business that extends the Taste of Home brand. The brand includes the nation’s largest-selling food magazine, Taste of Home, cooking schools, The Taste of Home Cookbook and a host of related magazine and book enterprises.

2007

• March 3, 2007: An investor group led by Ripplewood Holdings L.L.C. completes historic transaction resulting in the acquisition of Reader's Digest Association, returning the company to private ownership status after 17 years as a publicly traded company. Mary Berner, former President and CEO of Fairchild Publications, is named President and CEO of Reader's Digest Association, succeeding Eric Schrier.


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