Company Background
The modern American Media came into being after Generoso Pope, Jr., longtime owner of The National Enquirer, died in 1988, and his tabloids came under new ownership. American tabloids began consolidating in 1990, when American Media bought Star from Rupert Murdoch. The purchase of Globe Communications (owner of the Globe and the National Examiner) followed nine years later.
American Media's corporate headquarters in Boca Raton, Florida, figured prominently in news headlines in late 2001, after an anthrax attack was perpetrated on the company. Since then the corporate headquarters have moved to New York City at 1 Park Avenue in Manhattan, before moving to the Financial District to the former JP Morgan Chase headquarters at 4 New York Plaza. That building was severely damaged in by Hurricane Sandy and remains uninhabitable. The CEO, David J. Pecker, travels between the Boca Raton and New York offices while managing the company.
AMI continued to expand after it bought Joe Weider's Weider Publications in 2002. Joe Weider continues to manage control of his magazines under AMI's Weider Publications subsidiary.
American Media also owns Distribution Services, an in-store magazine merchandising company. In fall 2002, it launched the book-publishing imprint, AMI Books.
Roger Altman, through Evercore Partners, bought a controlling stake in American Media in 1999. In 2009, American Media was taken over by its bondholders to keep it out of bankruptcy.
In November 2010, American Media filed for Chapter 11 bankruptcy protection due to nearly $1 billion in debt, and assets of less than $50,000. Its subsidiary, American Media Operations Inc., listed assets of $100 to $500 million and debt of over $1 billion. It exited in December.
Read more about this topic: American Media (publisher)
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