‘Maxim’ Magazine Sold to Operator of Steak ‘n Shake Restaurants

A smart business deal can help diversify a business or appeal to a core user. Sometimes the best do both.

Maxim magazine has been bought by Biglari Holdings, a company that operates Steak ‘n Shake among other businesses, according to a press release. Biglari currently does not operate any other media outlets, according to its website

Maxim will continue to operate independently.

“Maxim’s inclusion into our collection of companies will benefit from our financial strength. We plan to build the business on multiple dimensions, thereby energizing our readership and viewership,” said Sardar Biglari, chief executive of Biglari Holdings.

The magazine was said to be entertaining bids of around $20 million in summer 2013. The company that operates Maxim, Alpha Media Group, was most recently sold in September to Darden Media for an undisclosed sum.

After a strong run in the early 2000s, Maxim may be remembered as one of the prime examples of a magazine industry that was ravaged by a combination of falling subscriber demand, a reader migration to digital and a recession that took a particular toll on print advertising.

However the publication has found some success in its tablet edition, which AdAge notes is second in circulation only to Game Informer.

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