Wenner Media's US Weekly May End up Going to American Media Inc
US WEEKLY STAFFERS HORRIFIED THEY MAY BE SOLD TO THE TABLOID PUBLISHER
Wenner Media has been selling off what it can to pay down debt as CEO Jann Wenner's son Gus Prepares to take over. Last year the company sold off a 49% stake in Rolling Stone magazine and its digital assets. Now the company is looking to sell off its celebrity title US Weekly to the highest bidder. Wenner apparently reached out to Vice Media to see if they would take the title off their hands but Vice turned them down. Now it looks like tabloid publisher American Media Inc (AMI) may be the one to come in and buy the celebrity weekly according to the NY Post. AMI buying US Weekly would add to their already full lineup of celebrity gossip titles like Star, RadarOnline and OK!. Though Jann Wenner may not be psyched about selling to AMI, he may not have a choice being that no other publisher has come forward. Unfortunately for US Weekly staffers the thought of becoming part of AMI is horrifying. Some staffers are expressing concerns about losing credibility in the market if they get merged in with AMI's less credible celebrity titles. But perhaps they should be worried more about having a job being that American Media Inc has been cutting staff and merging editorial operations. If AMI does end up acquiring US Weekly, chances are editorial will be folded in with the other celebrity titles that currently share and publish the same content. Unless a private investor comes in and either buys US Weekly or injects some cash into Wenner Media, Jann Wenner may not have a choice but to hand off the magazine to David Pecker's AMI in exchange for some much needed cash.
Wenner Media's US Weekly May End up Going to American Media Inc Reviewed by Media Wire Daily on 9:41 AM Rating: