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Weider sells publications business

This article was originally published in The Tan Sheet

Executive Summary

Evercore Partners subsidiary American Media has agreed to acquire Weider Publications for $350 mil., company announces Nov. 27. American Media, which publishes tabloids National Enquirer and Star, will obtain seven magazines in the transaction, including Weider's Muscle & Fitness, Flex, Shape and Natural Health. Ad revenues for Weider's magazines have more than doubled since 1997, American Media says; firm anticipates deal will be finalized within the next few weeks. Weider divested its Science Foods, American Body Building brands in July (1"The Tan Sheet" Aug. 5, 2002, p. 11)...

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Business & Financial News In Brief

Weider Nutrition brand divestiture: Optimum Nutrition subsidiary American Body Building picks up Weider's Science Foods, American Body Building brands in transaction that closed July 26. Deal affects 75-100 SKUs - primarily drinks and some bars - with total annual sales of slightly more than $20 mil. Transaction's total cost was not released, but final price includes roughly $5.7 mil. cash, assumption of approximately $250,000 mortgage on Walterborough, S.C. beverage manufacturing facility that was part of the deal. Acquisition gives Optimum Nutrition expanded line of beverages to complement current offerings of powders, capsules, bars. Weider says it will use net proceeds to reduce long-term debt, and transaction will negatively impact FY 2002 pre-tax financials by $8.7 mil.-$9.5 mil. Sale is part of Weider's effort to focus resources on Schiff Specialty Nutrition, Active Nutrition and Haleko business units...

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