The acquisition marks Biglari’s first foray into publications. His company, Biglari Holdings, also owns some real estate, and the restaurant chains Steak N Shake and Western Sizzlin.
In a statement, Biglari announced that Maxim has a bright future. “As the new owner, we look forward enthusiastically to making long-term investments in pursuit of revitalizing the Maxim brand,” he said.
We imagine that executives at Alpha Media were just glad to get the sale over with. During the process of selling Maxim, Alpha Media was almost defrauded and then ended up suing one of its former potential buyers for $38 million.