American Media is reportedly near broke reports the New York Post.
“The publisher of Star Magazine and The National Enquirer faces an insurmountable cash crunch next February unless it re-negoitates $415 million worth of junk bonds.”
Bonnie Fuller, who two weeks ago left American Media, is learning that finding backers to finance her latest attempt at reinvention isn’t so easy, reports the New York Post.
Fuller was trying to hook up with 3i, a global private-equity and venture-capital firm with more than $5.6 billion in assets, which counts media as one of the eight industries on which it focuses. However, that venture might have fizzled even before it got off the ground.
So where’s Bonnie now?
(NYP)
(Image via Splash)
Looks like the celebrity weekly editors can relax for now. It doesn’t look like Bonnie Fuller will be staying in the category.
According to industry insiders, Bonnie’s Fuller’s next gig WILL be in television.
Stay tuned for more details.
Has Star Magazine returned to “sensational” coverage in recent months to boost newsstand sales?
That’s what many industry observes believe according to Mediaweek’s coverage of Bonnie Fuller’s departure from American Media as its Editorial Director.
Bonnie Fuller “disputed that characterization.”
‘I think Star’s in excellent shape. The newsstand is very strong, very stable; some of our competitors have had dips. I feel Star has broken a tremendous amount of great stories. When you’re breaking news and news that is true, I’m not sure why you would use that word.”
Here’s why, Bonnie:
First, you could not even bring up one story in your quote that Star has “broken.” (It is possible that Mediaweek simply did not include those big “broken” stories. Granted, we all know who is really running Star so I’ll cut you some slack. I think it’s quite admirable that you’re actually defending Star’s news operation. creative writing department.
Here are some examples of the the stories broken by Star Magazine in 2008 that were later proven to be totally false.
Britney got her bikini body back (remember the time Star said they were “all-new photos” but they were actually at least a month old.)
Britney and Adnan got married in Mexico (oh really?)
Kevin & Britney’s secret weekend getaway (again, not true.)
Or the time Star’s web site broke Brad & Angie’s wedding (wow, that was embarrassing - even for Star!)
And remember when Star said Britney was pregnant with Adnan’s baby (show me the baby.)
I guess this is what Bonnie meant when she said “When you’re breaking news and news that is true….”
For more coverage on Bonnie’s departure:
It’s no secret that OK has had disappointing numbers on the newsstand.
So here’s a crazy (actually, there’s nothing’s crazy in the celebrity weekly world) theory.
During the past few weeks, Sarah Ivens has let go a number of senior-level staffers according to reports, including executive editor Juliet Heller. Today, Jossip reported that OK! dismissed its top photo person and creative director.
That would make it easy for Bonnie Fuller to come in and bring in her own peeps?
Is Sarah Ivens already planning on returning to the UK???
Your thoughts?
(Image via Splash)
Not according to American Media.
The company’s Editorial Director is “stepping down as EVP and Chief Editorial Director” and will “serve as Editor-at-Large of Star Magazine and consultant to the company” on May 14th.
Fuller said in a company statement, “I am proud of the significant achievements of American Media’s celebrity and fitness brands over the past five years, and I am now ready for a new adventure..”
David Pecker said, “Bonnie Fuller has been an important part of a team that has overseen a range of extremely successful editorial initiatives over the past five years.”
Now for my translation of this announcement.
I believe Bonnie Fuller will land at one of the celebrity weeklies in the next few weeks. And she’ll get paid a ton of cash.
n
WHAT’S MORE SHOCKING? THIS RECENT DAVID PEREL NATIONAL ENQUIRER COVER OR…
David Pecker getting one more year heading up American Media, the company that publishes this CRAP the National Enquirer?
Despite AMI’s financial woes, Pecker gets one more year (at least) with an annual base salary of $1.5 million, a possible annual cash bonus of up to $250,000, as well as country club dues, membership fees and car and driver expenses, according to a stunning report in WWD.
David, can I join you for a round of golf or at least borrow your driver for the weekend?
Looks Like Jann Wenner is Loving Barack!
We can see how David Pecker feels about Barack!
If you decide to vote one way or the other because of these covers, we live in a very, very sad society!
Looks Like Star’s Candace Trunzo Can Pay Even More For Tabloid Stories!
Finally some good news from American Media.
The tabloid publisher, whose troubles making financial deadlines are well documented, has reported strong earnings for the third quarter of fiscal year 2008, according to Folio’s Dylan Stableford. The publisher of Star, National Enquirer, Shape and Men’s Fitness attributed the boost to increases in advertising and newsstand revenue. (Folio)
Now, Star has a lot more money to pay for stories as we reported last week.
