As we reported, rumors swirled yesterday when American Media Inc. CEO David Pecker called a meeting of the company's top brass that its high-powered, high-priced editor, Bonnie Fuller, was heading for the exits. Now we know what that meeting was about.

According to the Wall Street Journal, the company intends to sell five of its 16 titles: Muscle & Fitness, Flex, Muscle & Fitness Hers, Country Weekly and Mira!.

American Media is hoping to fetch anywhere from 10 to 13 times the operating income, the people familiar with the matter said, giving the titles a target price of at least $300 million.

American Media to Sell Five of Its Magazine Titles [WSJ]

EARLIER: Rumors of Fuller Exodus Swirl, But Reps Deny All