L.A. mag’s Buzz buy approved by court

No other bidders for assets

Los Angeles magazine’s $5.3 million purchase of its competitor Buzz is set to close on May 31 in a deal approved this week by a bankruptcy court judge.

There were no other bidders for Buzz’s assets at Wednesday’s court hearing, the last opportunity to snap up the mag’s subscription list, logo and other possessions.

“All is proceeding smoothly and we anticipate no hitches,” said Buzz attorney David W. Levene, who says that the purchase price should satisfy all known claims against the magazine and leave some money for the small group of shareholders who have stakes in the company.

“The intention is that all creditors will be paid, we believe, to the extent that they have valid claims,” Levene said. It could take several weeks after the closing to pay magazine’s debts, he said. Buzz, plagued by red ink since its launching in 1990, announced on April 28 that it would cease publication with its June edition and file for Chapter 11 protection from creditors.

The magazine’s owners spent millions over the years to keep Buzz alive. The biggest investor was Thai media magnate Sondhi Limthongkul, who is believed to have plowed $15 million into Buzz before backing out last fall during the meltdown of Southeast Asia’s economy.

Current majority owners Parvinder and Sharon Chadha reportedly spent $2.5 million for their share last year but failed to see profit. The Buzz closure left about 40 people without work. Los Angeles mag’s parent company is New York-based Fairchild Publications — acquired by Walt Disney Co. when it took over ABC/Capital Cities — which also puts out W and Women’s Wear Daily.

More Biz

  • STX Targeting August IPO in Hong

    STX Targeting August IPO in Hong Kong (Report)

    Los Angeles magazine’s $5.3 million purchase of its competitor Buzz is set to close on May 31 in a deal approved this week by a bankruptcy court judge. There were no other bidders for Buzz’s assets at Wednesday’s court hearing, the last opportunity to snap up the mag’s subscription list, logo and other possessions. “All […]

  • EXCLUSIVE: AR for US, UK and

    Pussy Riot Claims Responsibility for People Running Onto Field During World Cup

    Los Angeles magazine’s $5.3 million purchase of its competitor Buzz is set to close on May 31 in a deal approved this week by a bankruptcy court judge. There were no other bidders for Buzz’s assets at Wednesday’s court hearing, the last opportunity to snap up the mag’s subscription list, logo and other possessions. “All […]

  • Former Billboard CEO Accused of Sexual

    Former Billboard CEO John Amato Accused of Sexual Harassment and Other Misconduct

    Los Angeles magazine’s $5.3 million purchase of its competitor Buzz is set to close on May 31 in a deal approved this week by a bankruptcy court judge. There were no other bidders for Buzz’s assets at Wednesday’s court hearing, the last opportunity to snap up the mag’s subscription list, logo and other possessions. “All […]

  • Instagram

    Instagram Suffers Global Outage

    Los Angeles magazine’s $5.3 million purchase of its competitor Buzz is set to close on May 31 in a deal approved this week by a bankruptcy court judge. There were no other bidders for Buzz’s assets at Wednesday’s court hearing, the last opportunity to snap up the mag’s subscription list, logo and other possessions. “All […]

  • Harvey Weinstein arrives to court in

    Harvey Weinstein Attorney Says He Was Misquoted in 'Roles for Sex' Interview

    Los Angeles magazine’s $5.3 million purchase of its competitor Buzz is set to close on May 31 in a deal approved this week by a bankruptcy court judge. There were no other bidders for Buzz’s assets at Wednesday’s court hearing, the last opportunity to snap up the mag’s subscription list, logo and other possessions. “All […]

  • hearst logo

    Hearst Agrees to Pay $50 Million to Settle Data-Privacy Lawsuit

    Los Angeles magazine’s $5.3 million purchase of its competitor Buzz is set to close on May 31 in a deal approved this week by a bankruptcy court judge. There were no other bidders for Buzz’s assets at Wednesday’s court hearing, the last opportunity to snap up the mag’s subscription list, logo and other possessions. “All […]

  • Randall Stephenson

    AT&T Stock Drops on Justice Department's Appeal of Time Warner Merger Ruling

    Los Angeles magazine’s $5.3 million purchase of its competitor Buzz is set to close on May 31 in a deal approved this week by a bankruptcy court judge. There were no other bidders for Buzz’s assets at Wednesday’s court hearing, the last opportunity to snap up the mag’s subscription list, logo and other possessions. “All […]

More From Our Brands

Access exclusive content