New York (CNN Business) – American Media Inc. is looking for a buyer for The National Enquirer.
The scandal-hungry tabloid, which has been beset by scandals of its own making in the past year, is on the block, along with American Media’s other tabloid magazines.
American Media CEO David Pecker confirmed the plan on Wednesday after the Washington Post reported that the company has come under “intense pressure” to part ways with the Enquirer.
The pressure has come from the company’s board of directors and from its controlling shareholder Chatham Asset Management, The Post reported. According to the newspaper, Chatham’s managing partner Anthony Melchiorre was concerned about both “the financial difficulties of the tabloid business” and “the Enquirer’s tactics.”
In a statement on Wednesday evening, Pecker sidestepped The Post’s reporting. He said American Media (AMI for short) has been “keenly focused on leveraging the popularity of our celebrity glossy, teen and active lifestyle brands while developing new and robust platforms including broadcast and audio programming, and a live events business, that now deliver significant revenue streams.”
He said that’s why “we feel the future opportunities with the tabloids can be best exploited by a different ownership.”
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The National Enquirer is up for sale. American Media Inc. is looking for a buyer for the scandal-hungry tabloid, which has been beset by scandals of its own making in the past year. https://t.co/uFOigVJmnS pic.twitter.com/iqMGyJjPCT
— CNN (@CNN) April 11, 2019
If Bezos doesn't buy the National Enquirer, kill it, gut it, skin it, boil down the bones, feed it to the hounds, then salt the earth where it stood, kill the bards who sang its tales, and mount its head on a pike pour encourager les autres, what good is being a billionaire?
— Rick Wilson (@TheRickWilson) April 11, 2019
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