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Posts Tagged ‘Kent Brownridge’

Memo From Felix Dennis: ‘Remain Focused’

maxim_sold_061407.jpgFriday’s “We got sold” memo from Felix to all Dennis employees:

Today we announce that Dennis Publishing Inc will be acquired by Quadrangle Capital Partners, a leading private equity firm and Kent Brownridge, who many of you will know from his days at Wenner Media. The transaction includes our magazines Maxim, Blender and Stuff with their websites, but not The Week, which will continue to be published by me and my partners. A copy of the press release that we are issuing immediately is attached.

Between now and the closing of the deal, which should take place no later than September, business will continue as usual. At the closing Mr. Brownridge will assume the role of Chief Executive Officer of the Company and Stephen Colvin will step down and leave the Company. I want to take this opportunity to thank Stephen for all the hard work and commitment over the past 10 years that has made our Company and its magazines what they are today.

I know that many of you will have questions about what today’s announcement will mean. We are in the early stages of this process so we do not have all the answers. However, I can assure you that we will make the best possible effort to keep you informed as we move forward.

I want to thank all of you for your patience, hard work and dedication to the Company through this difficult process. I appreciate the important contribution that each of you makes every day and ask for your continued commitment. As always, we rely on you to remain focused on your day-to-day jobs to ensure that we continue to publish the extraordinary magazines and websites that our readers expect.

Thank you very much.

Felix Dennis.

EARLIER:

  • Finally: Dennis Sells Maxim, Stuff, Blender
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    Lauren Berger Writes New Book for Young People Entering "Real World"

    Lauren Berger Welcome to the Real WorldCareer Expert, Lauren Berger, releases her second book, Welcome to the Real World: Finding Your Place, Perfecting Your Work, and Turning Your Job Into Your Dream Career (Harper Business), on April 22nd. In this book, Berger shares everything she wishes someone told her after graduation. Her book is the essential guide to anyone starting their first, second, or third job. She encourages readers to be fearless, step outside of their comfort zones, and go after what they want.

    Finally: Dennis Sells Maxim, Stuff, Blender

    maxim_sold_061407.jpgThe inevitable deal finally goes down: As expected Felix Dennis has sold Maxim, Stuff and Blender to Quadrangle Group, a privaty equity firm led by former Wenner Media executive Kent Brownridge, for somewhere in the neighborhood of $235 and $250 million, according to WWD. An announcement is expected later today.

    Dennis is holding onto The Week and the U.K. versions of Maxim and Stuff.

    A Rough Guide To Understanding Time Inc.’s Sale

    time_strange_internet.jpgAfter a rough week for morale over at Time Inc., bids are due today for its Time4Media and Parenting groups of magazines. A quick recap and guide to sorting through what could become a confusing sale:

    • Last fall, Time Inc. announced it would sell its Time4Media and Parenting groups as part of a restructuring effort to downsize by roughly 1,000 jobs.
    • At the American Magazine Conference in Phoenix in October, Time Inc. CEO Ann Moore referred to its magazines as her “children” — 149 of them.
    • Russell Denson, former president of Gruner + Jahr, was in Phoenix as a potential bidder.
    • First rounds bids were due the same week.
    • Time Inc. announced the slashing of 289 jobs.
    • Second round bids were due today.
    • Folio: reports the groups could be sold seperately or to a total of three buyers, and that bids may be for significantly less than the $250 million Time Inc. had hoped: “I expect they’ll get $200 million for everything (Parenting and Time4Media combined) … They’ll probably get $100 million or even below for the Time4Media group.”
    • WWD says Time Inc. will “eventually narrow the field down to two to four serious bids of more than $200 million each.”
    • The bidders for whole or part include: Active Interest Media and Apprise Media; Bonnier; CurtCo; Denson; former Time Inc. executive vice president Jack Haire; Bono, Roger McNamee and Elevation Partners; Knot CEO David Liu; Falconhead Capital; and former Wenner Media executive Kent Brownridge.
    • Folio: also says InterMedia Partners, a private equity firm run by Leo Hindery, who founded the YES network, is the favorite in the Time4Media sweepstakes.

    EARLIER:

  • Time Update: 289 Cuts; Atlanta, Chicago, L.A. Bureaus Shuttered; Ann Moore Encourages Employee Focus