American Media to Acquire Weider Publications
Posted on November 29, 2002
American Media, Inc., Evercore Partners and Weider Health and Fitness announced they have reached an agreement for AMI and Evercore to acquire Weider Publications, Inc. and its related properties for aggregate consideration of $350 million. AMI and Evercore had aggressively pursued Weider since September, when the leading worldwide publisher of health & fitness titles indicated WPI was reviewing its strategic alternatives. Evercore Partners acquired American Media, Inc. in May of 1999.
American Media, Inc. Chairman David J. Pecker said, "Joe Weider is a true visionary, and his accomplishment in building the company with his brother Ben rivals any publishing industry success story. We are acquiring a wonderful company with terrific employees and strong management."
Seven magazines comprise Weider Publications. Muscle & Fitness, Flex, Muscle & Fitness Hers and Men's Fitness make up the Weider Enthusiast Group, with a total readership over 15 million. Shape, Fit Pregnancy and Natural Health make up the Weider Active Lifestyle Group. These titles have a readership in excess of 8 million.
Commenting on the sale, Weider Publications Chairman Eric Weider said, "Our combination with AMI assures the continued growth of the company that my uncle Joe Weider founded more than 60 years ago and reflects the fulfillment of the Weiders' vision and the contribution of the company's more than 400 employees."
American Media, Inc. is one of the largest media companies in the U.S. The company publishes the National Enquirer, The Star and other weekly magazines. The company also publishes two bestselling country music magazines, Country Weekly and Country Music, a Latino entertainment magazine, Mira!, a mass market automotive magazine, AMI's Auto World, more than 200 Mini-Mags and Digests, and recently launched its own book division.