National Enquirer Filing for Chapter 11 Bankruptcy
The National Enquirer, the US gossip magazine, has said in a statement to the media that it is planning to file for Chapter 11 bankruptcy.
The National Enquirer is the once high- flying magazine that was the scourge for the rich and famous. It was very popular among the public because of the exciting news and views each issue had.
America Media Inc., which is the National Enquirer’s parent company, is planning to offer a debt-for-equity exchange with a group of its bondholders. The AMI has reported that about 80% of the shareholders have agreed to the offer.
America Media Inc. is the media company which is the publisher of Men’s Fitness and Playboy as well.
David Pecker, who is the Chairman, President and CEO of AMI, has said in a statement that the move will help the media conglomerate to compete more aggressively with their peers in the industry.
The National Enquirer was founded more than 80 years ago. It is famous for a number of reasons, the least of which not being for the fact that it published celebrity photographs and articles that was shunned by the news media.
The most famous photographs the National Enquirer published were of Elvis Presley in his coffin and Grace Kelly’s car crash. It offered the common public with salacious stories about the rich and famous.
Though the magazine had sold 4 million copies during its heydays in the 1970’s, in recent years it has struggled to compete with a growing number of celebrity titles, both in the print and online media.
Recent figures of the circulation of the magazine show that an average of 576,000 copies were being sold a week.
Early in this year, the magazine was nominated for the Pulitzer Prize.