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Posts Tagged ‘Darden Media Group’

Maxim Owners Back Out of Darden Media Deal

The deal between Maxim owner Alpha Media Group and Darden Media Group, which involved the latter buying and expanding the Maxim brand, is officially dead. The New York Post is reporting that Alpha has now turned to another bidder, a combination of Infinity Group, a licensing company, and Hilco Global, a financial services company.

Infinity and Hilco’s bid is expected to be about $20 million, making it $10 million less than Darden’s offer. Alpha and Darden hit a stumbling block in November, when it was rumored that Calvin Darden Jr. (son of Darden Media’s owner, Calvin Darden) would be involved in the acquisition. Further muddling things was Darden Media’s failure to come up with cash as deadlines came and went.

Infinity and Hilco already have a branding and licensing deal with Miss America, so Maxim would seem to be a natural fit. One is an event pairing cheesiness and scantily clad women, the other is magazine doing the same thing.

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Maxim Deal Might be Dead

Maxim’s days might be numbered. In early September, Alpha Media Group triumphantly announced that they had sold Maxim to Darden Media Group, despite the glossy’s dwindling popularity. Now Adweek is reporting that the deal is likely dead.

Darden had plans to expand the Maxim brand — Maxim TV, Maxim Radio, etc. If you’re a normal person, that sounds absurd. But that’s just what Alpha Media Group wanted to hear. “As a company, we are excited to see Maxim everywhere,” said Ben MaddenMaxim’s president, at the time.

Unfortunately, things went sour soon afterward. Alpha is specifically worried about Calvin Darden Jr. (son of Darden Media’s owner, Calvin Darden) being involved in the acquisition:

However, the announcement made no mention of Darden’s son, Calvin Darden Jr., who was convicted eight years ago of stealing from securities firms and investors including former NBA star Latrell Sprewell while a stockbroker. Sources close to the company said they were surprised to learn that the younger Darden was involved in the Maxim deal, though, attending meetings and fundraising.

Damn. The guy ripped off Spree? We wouldn’t sell to him either.

Maxim Sold to Darden Media Group

Alpha Media Group, parent of Maxim, has sold the brand to Darden Media Group. The sale includes the magazine and its 15 international editions sold in 34 countries, all Maxim events and digital assets. Financial terms of the deal weren’t disclosed.

Calvin Darden, chairman of Darden Media Group, has big plans for the magazine: Get ready for Maxim TV, Maxim radio and a Maxim music label. Darden’s plan to expand the Maxim brand via those entities is part of the reason why Alpha Media Group accepted his offer.

“He [Darden] will provide exceptional leadership and a platform to execute a large scale strategy across distribution channels we collectively envision,” said Ben Madden, Maxim’s president, in a statement. “As a company, we are excited to see Maxim everywhere.”

We’re not entirely sure that anyone else would agree.