Dennis makes $240m as Maxim deal completes

LONDON - Felix Dennis is to receive at least $240m (£121m) after finally reaching a deal with private equity company Quadrangle Group, over the sale of Maxim and two other US magazines.

Quadrangle has acquired the entire Maxim portfolio, consisting of around 30 international editions of the magazine, the Maxim website, and its brand extensions -- including a US satellite radio station, restaurant chain, nightclubs, resorts and an event marketing company.

The UK edition of Maxim will still be published by Dennis Publishing, but is now licensed from Quadrangle.

Two US-only magazines, gadget title Stuff and music title Blender, are also transferring to Quadrangle via its acquisition of Dennis Publishing US.

However, Felix Dennis has retained the successful US edition of The Week, which is also published in the UK.

Dennis originally launched Maxim in the UK in 1995 and then in the US in 1997. While the UK edition was eclipsed by the success of Emap's FHM, the US edition was enthusiastically received and became the leading example of the men's magazine.

In recent years Maxim US has lost circulation, but remains in top position among men's magazines, whereas Emap closed down the US edition of FHM in March. Its current rate base circulation is 2.5m.

Felix Dennis, chairman and founder of Dennis, said: "I believe the magazines will be in capable and experienced hands and wish Quadrangle and Kent Brownridge as much luck and success with Maxim, Blender and Stuff as my partners, colleagues and I have enjoyed these past ten years."

Kent Brownridge will take on the role of chief executive officer of Dennis Publishing US. He worked for more than three decades at Wenner Media, most recently as senior vice-president and general manager, where he oversaw the production of Rolling Stone, Men's Journal and US Weekly.

Dennis is expected to invest a chunk of the money in his project to create a forest in Warwickshire, called the Forest of Dennis.

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