Darden Media Group Buys Maxim from Alpha Media Group
Deal includes entire brand platform, expected to close by the end of the year.
Alpha Media Group has found a buyer for Maxim. Darden Media Group agreed to buy the whole brand portfolio, which includes the magazine, its 15 international editions, events and digital products.
Alpha announced its intention to sell Maxim back in March. Terms of the deal were not released and it's expected to close in the third or fourth quarter this year.
Darden Media Group was formed this year by Calvin Darden, a former senior vice president and board member of United Parcel Service. He's also chairman and CEO of real estate development company Darden Development Group.
Following the sale, Darden plans to transition Maxim further away from its print roots by extending the brand to cable, radio and music platforms.
"Although the publishing industry has seen seismic shifts over the past several years, the opportunities to create powerful, transmedia brands that engage consumers and advertisers on multiple platforms is significantly on the rise," says Darden in a statement. "Darden Media Group has an extremely optimistic vision of the future of media, and we are looking forward to building a property that sets the gold-standard for integrated media in the 21st century."
Quadrangle Partners bought Maxim, along with Stuff and Blender, from Dennis Publishing in 2007 for $240 million. Stuff was folded into Maxim soon thereafter and music magazine Blender was shut down in 2009 as Alpha Media Group was working through a recapitalization after defaulting on its debt payments, transferring ownership from Quadrangle to Cerberus Capital Management.
For the first half of 2013, Maxim's ad pages were down 18.5 percent when compared to same period last year, per PIB numbers.
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