Looks like Citigroup wasn’t the only one struggling to get through the weekend. The WSJ is reporting that Alpha Media, the publisher of laddie magazines Maxim and Blender, is in “restructuring talks that are expected to turn over the company to creditors.” Just to give you a sense of how closely everything is tied together, Alpha Media was purchased in 2007 by superstar deal-maker Steve Rattner‘s Quadrangle Capital Partners — Rattner’s firm also happens to be in charge of Mayor Bloomberg‘s fortune.
Quadrangle’s private-equity fund paid about $250 million for Alpha Media in August 2007, lauding the company as an “unrivaled” play for reaching 18-to 34-year-old males. The New York-based firm put up about $90 million of equity and borrowed the rest to purchase the titles from British publisher Felix Dennis.
Like everyone else even remotely involved with Wall St. Rattner’s firm is “struggling with its private-equity portfolio and recently unwound its hedge fund amid market turmoil.” That and both Blender and Maxim‘s ad pages have plummeted. And that’s not all.
Via FishbowlDC comes word that effective Dec. 1 USA Today is laying off 20 of its staff members. Also, Politico is reporting that Salon, in their first cuts since 2001, has let go of nine of its 66 staffers. Says EIC Joan Walsh: “It was personally very sad to me to lose friends and colleagues, but we did what we needed to do to preserve the financial health of the company, and I’m confident about our prospects.”
- Time Unveils 10 'Person of The Year' Finalists
- David Remnick Joins NBC's Olympic Coverage
- Read New York's 'Year in Culture' Issue Just for The Arguments
- Billionaire Joe Mansueto Interested in Buying Forbes