AMI’s $100M National Enquirer sale could close in next 60 days
MORE FROM:
KEITH J. KELLY
Splinter, G/O Media's snarky website, abruptly shuts down
Shakeup at Observer Media leads to new publisher, CEO
Modern Luxury shuts down print for another magazine duo
Publisher defends Sports Illustrated game plan after brutal round of layoffs
Group Nine Media to buy digital lifestyle publisher PopSugar
The much-delayed $100 million deal for American Media Inc. to sell the National Enquirer to Jimmy Cohen, owner of magazine wholesaler Hudson News, now looks as though it could be wrapped up in the next 60 days.
The deal originally unveiled in April was expected to close by the end of the summer. Chatham Asset Management, headed by Anthony Melchiorre, is the 80% owner of American Media Inc. and had reportedly been under pressure from investors in its hedge fund to divest the controversial supermarket tabloid. Cohen, who made a fortune in the magazine wholesale business, is a longtime pal and business associate of AMI Chief Executive David Pecker.
“The price is the same — the financing is set,” Cohen told Media Ink. “All the big stuff is done.” He did not divulge his financial backers.
He said the ongoing legal entanglements involving Pecker and President Trump have not derailed the deal.
“There is no 50-pound boulder in the way,” Cohen said. “They don’t mention it in the Bible, but God did create lawyers.” He explained the delays are more back-and-forth on fine print details.
No comments:
Post a Comment