It was recently announced that American Media LLC sold several properties, including the Olympia and Muscle & Fitness. Now more details are emerging, shedding light on why this sale happened, and some of the big changes which are to come.
AMI sold the Olympia and M&F to Jake Wood, shaking up the entire bodybuilding world. It was news that seemingly came out of nowhere. Now, it left plenty of fans wondering what the future of the sport would look like. Regardless, there remained a fair amount of optimism about what Jake Wood will be able to do with the company, using his newer approaches to marketing.
Following this shocking news, there were some questions about why this sale took place. Well, a report has begun to shed some light on what happened. In addition to that, there have been some changes announced, expected to take place in the immediate future. In particular, the biggest change revealed, is that Muscle & Fitness will no longer be publishing print magazines, instead focusing on a purely digital medium.
So, why did the AMI sell the Olympia, and Muscle & Fitness?
American Media Inc is in the process of selling one of its biggest media properties, in the National Enquirer. Although the deal is for $100 million, it has yet to be finalized. Therefore, with the AMI in a financial pinch, they opted to sell other properties; i.e. the Olympia and Muscle & Fitness. The sale was authorized by Chatham Asset Management, who holds an 80% share in the AMI. The sole purpose for this was to work towards paying off debt owed by the company.
According to sources, Muscle & Fitness, and the Olympia sold for around $70 million. While this is not the amount they were looking for from the National Enquirer, it is enough for them to stay afloat for now. Either way, this is still concerning for the future of the AMI, and the rest of its properties.
Details are still coming to light about what the future looks like for the Olympia and M&F. However, if this first update is any indication, it seems that a more digital approach is coming.
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