Macy’s sells back stake in The Knot
New York City --- The Knot, a media company that targets brides-to-be and pregnant women, said Monday that Macy's has sold back its 10.7% stake in The Knot for $37.7 million.
The Knot did not give a reason for the repurchase and said it is part of a previously announced $50 million buyback plan.
The sale doesn't affect the companies' advertising and wedding registry agreements: The Knot will continue to direct wedding-minded readers to Macy's and Bloomingdale's registries, and Macy's will keep advertising in The Knot's media properties.
Peter Sachse, Macy's chief marketing officer and head of its website, will remain on The Knot's board.
The Knot runs nearly 20 websites, including the theknot.com, and it publishes magazines and books about wedding planning. It also has created television specials for the Style Network.