Winner, winner, chicken dinner! Maxim magazine sold to Texas investor and owner of Steak N Shake, Sardar Biglari. He purchased the publication for an estimated 10 to 15 million dollars.
Keith J. Kelly reports that “the 36-year-old Biglari fashions himself as a Warren Buffett-like accumulator of assets, and Maxim is the first publishing asset he owns — joining Steak N Shake and Western Sizzlin, two restaurant chains, and some real estate assets.”
“As the new owner, we look forward enthusiastically to making long-term investments in pursuit of revitalizing the Maxim brand,” said Biglari. “Maxim’s inclusion into our collection of companies will benefit from our financial strength. We plan to build the business on multiple dimensions, thereby energizing our readership and viewership.”
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It’s good to see this deal go through. The publication has had a tumultuous few years. The quick backstory, according to the New York Post is that, “Maxim and several other properties published by Alpha had originally been taken over in 2007 by Quadrangle, headed by Steve Rattner and Peter Ezersky. But when the Great Recession hit, they were not able to service their debt and two years later ended up defaulting to lenders, headed by private equity firm Cerberus.”
Fun fact: Men’s magazines like Maxim and FHM are commonly called Lads’, Lads or Laddie mags outside of the United States. Read the full story on the New York Post.
