Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

National Enquirer owner files for bankruptcy protection
The Guardian ^ | 11/01/2010 | James Robinson

Posted on 11/01/2010 12:02:46 PM PDT by WebFocus

American Media, which also publishes Men's Fitness and Star, seeks Chapter 11 agreement as it negotiates with bondholders.

The owner of supermarket tabloid the National Enquirer is to file for bankruptcy protection in the US.

American Media, the country's biggest owner of celebrity magazines, publishes more than a dozen titles with a combined circulation of 6.8m as well as the National Enquirer.

The privately owned company has been trying to refinance its debt and said today that it will enter into a Chapter 11 agreement to negotiate a debt-for-equity swap with bondholders.

David Pecker, American Media's president, insisted in a statement it would be "business as usual" at the publisher, whose other titles include Men's Fitness and gossip weekly Star, while talks with creditors take place.

American Media is effectively owned by its bondholders after agreeing last year to hand them 95% of its shares as it sought to prevent bankruptcy.

An executive at a rival publishing group which operates in the same market said: "It is a bad time for their celebrity magazines and Star in particular has posted some of its worst ever sales figures recently. I know they have an older and more downmarket demographic which means they suffer more than normal in a tough market."

Many of its titles are popular with "blue collar" US readers who have been hit hard by the recession. The circulation of its flagship title the National Enquirer has fallen from a peak of over 6m to about 1m.

The company was bought by two private equity groups, Thomas H Lee Partners and Evercore Partners, for $850m in 1999 and paid $350m for Weider Publications, a major publisher of health titles including Shape and Men's Fitness, in 2003.

(Excerpt) Read more at guardian.co.uk ...


TOPICS: Business/Economy; Culture/Society; News/Current Events
KEYWORDS: bankrupcy; nationalenquirer

1 posted on 11/01/2010 12:02:55 PM PDT by WebFocus
[ Post Reply | Private Reply | View Replies]

To: WebFocus

DAMN! JOHN EDWARDS!!!!!


2 posted on 11/01/2010 12:04:48 PM PDT by Vendome (Don't take life so seriously... You'll never live through it.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: WebFocus
There goes one of the hand full of reputable news sources.
3 posted on 11/01/2010 12:07:21 PM PDT by A CA Guy ( God Bless America, God bless and keep safe our fighting men and women.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: WebFocus

OMG! Where will my wife and her friends get their news now? With bad news at the Enquirer and Oprah about to retire, the last credible news source will be “The Spew”!

/SARC


4 posted on 11/01/2010 12:08:32 PM PDT by ssaftler ("Politically Correct" is neither!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: WebFocus; abb

Those are friends of Bill Clinton I understand.

good riddance.


5 posted on 11/01/2010 12:09:15 PM PDT by GeronL (http://libertyfic.proboards.com <--- My Fiction/ Science Fiction Board)
[ Post Reply | Private Reply | To 1 | View Replies]

To: WebFocus

Too bad, they did good work with the Silky Pony.


6 posted on 11/01/2010 12:09:21 PM PDT by NonValueAdded ("It's amazing, A man who has such large ears could be so tone deaf" Rush Limbaugh 9/8/10)
[ Post Reply | Private Reply | To 1 | View Replies]

To: WebFocus

I heard that there was a company from another planet that was looking to come in and buy them up.


7 posted on 11/01/2010 12:09:45 PM PDT by kempster
[ Post Reply | Private Reply | To 1 | View Replies]

To: Vendome

Maybe the Weekly World News can take over the content management of the Enquirer and Star.

I used to be the fact checker for the Weekly World News. And while I was on the job, not one fact got through, not even in the ads.

Turned down a job to work for Dan Rather, though. After all, even I have some standards.


8 posted on 11/01/2010 12:10:32 PM PDT by bIlluminati (Don't just hope for change, work for change in 2010.)
[ Post Reply | Private Reply | To 2 | View Replies]

To: ssaftler

Oprah is getting her own channel, Rosie O’Donnell and Quack Phil are already on board and they have a billion-dollar ad commitment from Procter&Gamble.

Lifetime Movies is going to become OWN, the Oprah Winfrey Network.


9 posted on 11/01/2010 12:11:08 PM PDT by GeronL (http://libertyfic.proboards.com <--- My Fiction/ Science Fiction Board)
[ Post Reply | Private Reply | To 4 | View Replies]

To: WebFocus

Just please, please save the Weekly World News!

I’m with you Bat-Boy!!


10 posted on 11/01/2010 12:13:03 PM PDT by 240B (he is doing everything he said he wouldn't and not doing what he said he would)
[ Post Reply | Private Reply | To 1 | View Replies]

To: bIlluminati

11 posted on 11/01/2010 12:13:59 PM PDT by shineon
[ Post Reply | Private Reply | To 8 | View Replies]

To: ssaftler
Don't worry about it too much. There's still the Weekly World News to provide us with the most serious and critical news of the day.


12 posted on 11/01/2010 12:14:41 PM PDT by Rebelbase (Palin/Christie 2012)
[ Post Reply | Private Reply | To 4 | View Replies]

To: WebFocus

Funny how that guy got to where he is with a surname like Pecker.


13 posted on 11/01/2010 12:14:51 PM PDT by Man from Oz
[ Post Reply | Private Reply | To 1 | View Replies]

To: GeronL

I heard that PBS was taking them over/s


14 posted on 11/01/2010 12:15:38 PM PDT by Bitsy
[ Post Reply | Private Reply | To 5 | View Replies]

To: WebFocus
David Pecker, American Media's president...

This must be hard on him. He shouldn't go soft at a time like this...

15 posted on 11/01/2010 12:17:32 PM PDT by Onelifetogive (I tweet, too...)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Rebelbase
There's still the Weekly World News to provide us with the most serious and critical news of the day.

The WWN stopped publishing as a standalone tabloid three years ago. It limps on as a web-only and as an occasional insert in "The Star"

16 posted on 11/01/2010 12:19:22 PM PDT by Bubba Ho-Tep ("More weight!"--Giles Corey)
[ Post Reply | Private Reply | To 12 | View Replies]

To: shineon

Looks like Coons in Delaware.


17 posted on 11/01/2010 12:21:09 PM PDT by Frantzie (Imam Ob*m* & Democrats support the VICTORY MOSQUE & TV supports Imam)
[ Post Reply | Private Reply | To 11 | View Replies]

To: ssaftler

Try TMZ...is free on cable.


18 posted on 11/01/2010 12:23:17 PM PDT by charles1252
[ Post Reply | Private Reply | To 4 | View Replies]

To: Onelifetogive

ROFL

David Pecker, American Media’s president...
This must be hard on him. He shouldn’t go soft at a time like this...


19 posted on 11/01/2010 12:31:07 PM PDT by SanFranDan
[ Post Reply | Private Reply | To 15 | View Replies]

To: SanFranDan

Pecker be looking to ExtenZe his credit


20 posted on 11/01/2010 12:38:36 PM PDT by Lib-Lickers 2
[ Post Reply | Private Reply | To 19 | View Replies]

To: bIlluminati

SoooHHHHHm, you would have “Rather” not? ............


21 posted on 11/01/2010 12:44:42 PM PDT by Vendome (Don't take life so seriously... You'll never live through it.)
[ Post Reply | Private Reply | To 8 | View Replies]

To: A CA Guy
Not just a respectable news source, it was also my favorite scientific journal.
22 posted on 11/01/2010 12:49:29 PM PDT by Red Dog #1
[ Post Reply | Private Reply | To 3 | View Replies]

To: WebFocus

Perhaps they need to return to the blood and guts splashed covers of the 1950s.

I still remember the “I CUT OUT HER HEART AND ATE IT!” cover from my youth.


23 posted on 11/01/2010 12:52:00 PM PDT by Ruy Dias de Bivar (I visited GEN TOMMY FRANKS Military Museum in HOBART, OKLAHOMA! Well worth it!)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Bubba Ho-Tep

NO!!!!!!!!!!!


24 posted on 11/01/2010 1:19:41 PM PDT by Rebelbase (Palin/Christie 2012)
[ Post Reply | Private Reply | To 16 | View Replies]

To: bIlluminati
I used to be the fact checker for the Weekly World News. And while I was on the job, not one fact got through, not even in the ads.

It must have been exhausting work.

Like the time I became the announcer at WWV. Finally, I just had to quit because I couldn't stand the hours.

25 posted on 11/01/2010 2:13:41 PM PDT by Erasmus (Personal goal: Have a bigger carbon footprint than Tony Robbins.)
[ Post Reply | Private Reply | To 8 | View Replies]

To: WebFocus

Not even Charlie Sheen could save them.


26 posted on 11/01/2010 7:00:41 PM PDT by Vince Ferrer
[ Post Reply | Private Reply | To 1 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson