Just over a week ago we learned that American Medic Inc (AMI) sold Joe Weider’s Olympia Fitness & Performance Weekend as well as Muscle & Fitness to Wings of Strength founder Jake Wood according to a press release. Then less than a week ago a report explained that Muscle & Fitness will no longer be publishing print magazines (although we also learned that they will be downsizing the print publication to six times a year rather than 10, according to one source). And apparently, AMI sold the two brands to pay off debt because they’re in the process of finalizing the sale of one of their biggest properties; the National Enquirer, for $100 million.
Long time editor and senior editor for the Men’s Journal J.R. Sullivan Tweeted the bad news but was definitely not bitter about his exit.
Bad news! The entire Men’s Journal staff got laid off today, including me! I feel nothing but gratitude for my time at the magazine, and I’ve been fortunate to work with an incredible group of writers. Allow me to share a few pieces I’ve had the privilege to edit:
Bad news! The entire Men’s Journal staff got laid off today, including me! I feel nothing but gratitude for my time at the magazine, and I’ve been fortunate to work with an incredible group of writers. Allow me to share a few pieces I’ve had the privilege to edit:
— Jared Sullivan (@JRSLLVN) February 21, 2020
This is really unfortunate for the staff who were laid off and as of currently, we don’t have any other details about the status of the downsizing but apparently the two properties were sold for $70 million which should help the company to stay afloat until the sale of the National Enquirer is finalized.
AMI apparently bought the Olympia and publication for $350 million back in 2002 and AMI’s future plans seem to be uncertain at this point.
But this is good news for the Olympia because Jake Wood is determined to bring the Olympia brand back to the fans and his track record is even more reassuring of what he’s capable of. Plus, Dan Solomon has also agreed to a five-year contract extension as the President and Chief Olympia Officer under the new ownership.
So, we’re confident that there are great things to come for the Olympia brand, and Muscle & Fitness and we’ll be sure to update as we learn of any other details.
