The final sale from the bankrupt F+W Media wrapped up Monday with Terry O’Toole’s Macanta Partners buying the last two magazine groups on the block for $3.5 million and renaming the new entity Peak Media Properties.
Former Newsweek and Philadelphia Inquirer CEO Greg Osberg, who was the CEO of the old F+W from January 2018 through its bankruptcy, is joining Peak Media as its first CEO.
Macanta paid $2,850,000 for about 30 knitting and quilting magazines — the largest group in the old F+W Media. It also paid $675,00 for the Artists Network, which includes Artists Magazine and Southwest Artist.
Twelve other smaller niche collections were already sold off to new owners and Penguin Random House picked up the domestic books for $5.6 million.
The company had $105 million in debt at the time of its March bankruptcy filing and raised only $13 million via its bust up.
O’Toole’s previous venture firm, Tinicum Capital Partners, which became the majority owner of F+W in 2014, lost about $40 million in the bankruptcy along with other private equity firms for a combined $150 million loss.
O’Toole and Osberg — reached on the road to Boulder, Colorado Tuesday — said they expect to have a far different experience this time around.
“It’s completely debt free and we believe in the core audiences who are dedicated to their hobbies,” said O’Toole.
“We’ll use our media to stimulate customers and push them to our e-commerce partners,” Osberg said.