American Media Inc., which publishes celebrity and health & fitness magazines such as the National Enquirer and Men’s Fitness, has ceased its efforts to find a buyer, the Wall Street Journal is reporting.
AMI, whose properties have a combined print circulation of 6.8 million readers, had been rumored to be looking for a buyer after emerging from bankruptcy late last year.
As part of the bankruptcy agreement, holders of the company’s debt like Avenue Capital Group and Angelo Gordon & Co. became its owners.
The new buyer was rumored to be Apollo, a private equity firm, but its offer was not considered sufficient.
AMI's value is estimated to be anywhere from $500 million to $720 million.
AMI did not return calls for comment.