Dennis Deal Anticipates September Closing
Stephen Colvin To Step Down; Kent Brownridge to become CEO
Dennis Publishing Inc. CEO Stephen Colvin will step down following the conclusion of the company’s sale to private equity firm Quadrangle Capital partners and former Wenner exec Kent Brownridge, who will take over as CEO.
Quadrangle had been seen as the leading bidder for Dennis since April. The deal, which includes the U.S. editions of Maxim, Stuff and Blender (but not The Week or the UK-based Maxim), is estimated to be between $220 million and $250 million, and is expected to close by September. Dennis was reportedly offered as much as $700 million for the U.S. titles when he first explored selling them four years ago.
While the lad mag genre has suffered in the U.S., including the closure of the print edition of FHM in favor of a Web-only presence, the U.S. editions of the three Dennis magazines are off to a roaring start in 2007, according to Publishers Information Bureau.
Maxim is up 29.1 percent to $34.3 million in revenue and up 20.2 percent to 153.9 pages in the first quarter; Stuff is up 18.1 percent to 15.7 million in revenue and up 11 percent to 141.2 pages; and Blender is up 62.7 percent to $11.8 million in ad revenue and up 35.6 percent to 136.1 ad pages.