Deal includes Maxim, Stuff, Blender
Magazine impresario Felix Dennis has sold his company to a private equity group.
Dennis has sold most of the assets of Dennis Publishing, which controls lad mags Maxim and Stuff as well as music mag Blender, to private-equity group Quadrangle Partners and magazine vet Kent Brownridge.
Brownridge will serve as CEO of the company once the acquisition is complete.
Parties declined to give a price, but several reports put the value of the sale at roughly $250 million.
Quadrangle has a number of entertainment holdings, including stakes in Cablevision, Cinemark and MGM.
With its mix of loud visuals, barely dressed models and irreverent writing, Maxim revived and redefined the men’s magazine when it was launched in the U.K. and then imported to the U.S. in the 1990s. Circulation has fallen off in recent years, however, as Dennis mags face competition from other pubs as well as from content on the Web.
Dennis later launched Blender as well as news-digest title the Week, the lone pub not part of the deal.
The company had been looking for a buyer for about four months, hiring investment outfit Allen & Co. to explore a sale.