Christina Aguliera on the cover of the October 2013 issue of Maxim
ATLANTA -- Bawdy men's magazine Maxim, which was taken over by creditors after a $250 million buyout, was sold to Darden Media Group, which plans to turn the brand into a cable network, reports Bloomberg.
Darden Media, run by Chairman Calvin Darden Sr., will buy Maxim from Alpha Media Group, a New York-based company controlled by Cerberus Capital Management LP, according to a statement obtained by Bloomberg. The sale includes Maxim's U.S. magazine, sold in 49 countries, 15 international editions, an events business and digital assets, Bloomberg reports.
Darden told Bloomberg he plans to extend the Maxim brand across cable TV, radio and music, countering the shifts that have hurt the publishing industry as audiences move online.
Bloomberg adds that Darden, 63, rose to senior vice president of U.S. operations for United Parcel Service Inc., according to the website of his Atlanta-based real estate company, Darden Development Group. He serves on the boards of Target Corp., Coca-Cola Enterprises Inc. and Cardinal Health Inc.
(Atlanta Business Chronicle)