AMI Offloads National Enquirer To Hudson Media

Investigations by the government and Jeff Bezos proved too much for The National Enquirer, but not enough to deter a new owner. James Cohen, part of the family that founded Hudson News Distributors, is buying the U.S. and U.K versions of the gossip magazine from David Pecker’s American Media LLC, which acquired the title 20 years ago. The $100 million deal also includes two other tabloids, Globe and National Examiner. Pecker — whose friendship with President Donald Trump and the use of the Enquirer’s coverage to aid Trump’s candidacy and perhaps even his personal vendettas has come under intense scrutiny over the last year — wrote in a statement that the group of magazines actually pull in $30 million in profit annually. “James and his team have a proven history in publishing and have the market-based knowledge and long-term vision needed to ensure the growth of these brands,” Pecker wrote. Even with the tabloids’ purported profitability, American Media is in debt. The company said the sale will leave it with only $355 million in debts and that without the titles, what it spends on loan interest will be cut by $13 million a year “which will enhance the company’s free cash flow and Allow

Follow WWD on Twitter or become a fan on Facebook.

Read More...

from WWDWWD http://bit.ly/2IFw36p