THE HARD PART: Finally, Dennis Publishing is in the hands of Quadrangle Group, with Kent Brownridge installed as chief executive officer of the publishing company. As WWD reported first in May, the private equity group and the ex-Wenner executive were most likely to acquire Maxim, Stuff and Blender from founder Felix Dennis. Sources close to the deal said Quadrangle acquired the trio for just north of $240 million, and the deal will close in the third quarter.
Now what?
For one, Steven Colvin, former president of Dennis Publishing USA, is leaving the company, but sources said Brownridge has asked chief operating and financial officer John Lagana to stay. It's not clear if other departures will follow, but overall, Brownridge and Quadrangle plan to add jobs, not whack them. Over the past year or two, Dennis was a "lean and mean" organization, one insider said, as the company cut costs and laid off staffers in the months leading up to the sale. Quadrangle plans to grow the male-centric media company by exploiting its mobile, print and online properties and its new casinos and steakhouses to create larger marketing opportunities. To do so, it will likely need to beef up key areas, like advertising and marketing, and will meet with existing Dennis employees in the next few weeks to learn more about each business and determine where more staffers are needed.
Meanwhile, Brownridge has already begun to reach out to top talent about joining the company. Though he declined to identify possible candidates, sources close to Brownridge said Susan Casey, Time Inc.'s development editor; ex-Maxim editor Mark Golin, or Peter Moore, the number two at Men's Health under editor in chief David Zinczenko, could be courted by him — if they haven't been already.
Also, though sources speculated he could close Stuff, insiders said it's too early to make a call. Management has said Stuff fits into the company's young male demographic. One source acknowledged that while Stuff may not fold, it could live on "in some form" — but not necessarily as a magazine.
Now what?
For one, Steven Colvin, former president of Dennis Publishing USA, is leaving the company, but sources said Brownridge has asked chief operating and financial officer John Lagana to stay. It's not clear if other departures will follow, but overall, Brownridge and Quadrangle plan to add jobs, not whack them. Over the past year or two, Dennis was a "lean and mean" organization, one insider said, as the company cut costs and laid off staffers in the months leading up to the sale. Quadrangle plans to grow the male-centric media company by exploiting its mobile, print and online properties and its new casinos and steakhouses to create larger marketing opportunities. To do so, it will likely need to beef up key areas, like advertising and marketing, and will meet with existing Dennis employees in the next few weeks to learn more about each business and determine where more staffers are needed.
Meanwhile, Brownridge has already begun to reach out to top talent about joining the company. Though he declined to identify possible candidates, sources close to Brownridge said Susan Casey, Time Inc.'s development editor; ex-Maxim editor Mark Golin, or Peter Moore, the number two at Men's Health under editor in chief David Zinczenko, could be courted by him — if they haven't been already.
Also, though sources speculated he could close Stuff, insiders said it's too early to make a call. Management has said Stuff fits into the company's young male demographic. One source acknowledged that while Stuff may not fold, it could live on "in some form" — but not necessarily as a magazine.
