Report: Dickeys Close To Deal To Buy Magazine Publisher
August 3, 2010 at 4:26 AM (PT)
The NEW YORK POST is reporting that the DICKEY family is close to a deal to buy city/lifestyle magazine publisher MODERN LUXURY MEDIA for about $20 million, substantially less than the $243 million paid for the company three years ago.
MODERN LUXURY MEDIA was taken over by creditors last year after the previous owners defaulted on $120 million in debt.
The DICKEYS, owners of CUMULUS MEDIA, own DICKEY PUBLISHING, which presently publishes JEZEBEL MAGAZINE and ATLANTA SPORTS AND FITNESS MAGAZINE; MODERN LUXURY publishes upscale-targeted lifestyle magazines including ANGELENO and HOUSTON, as well as bridal magazines.