Media company Reader’s Digest is reportedly seeking to be bought out with the hope of getting a $1 billion sale price, The Wall Street Journal reported.

The paper reports that it has hired financial advisers to help find a buyer, although the company could be sold off in pieces, the paper stated.

Reader’s Digest was once a major employer in northern Westchester, with seven decades spent at its campus in Chappaqua, until it vacated its property last December. The move resulted from the company breaking its lease with developer Summit/Greenfield, due to its 2009 Chapter 11 bankruptcy filing, moving to New York City and White Plains. Summit/Greenfield, which renamed the site Chappaqua Crossing, purchased the property from Reader’s Digest in 2004 and leased it back, and is now involved in a contentious set of federal and state lawsuits over its efforts to build a residential/commercial mixed development.

For more information on the reported actions, click here for the Journal’s story.