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Steak n Shake owner acquires Maxim magazine

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Seeking some sizzle, the owner of the Indianapolis-based Steak 'n Shake burger chain is buying men's magazine Maxim.

Alpha Media Group Inc. put Maxim up for sale a year ago. The publication has struggled, with ad dollars dropping 28 percent last year to $80.7 million, bucking a 1-percent gain for consumer magazines overall, said the Association of Magazine Media.

Terms of the deal with Biglari Holdings Inc. were not released. The San Antonio-based company, headed by CEO Sardar Biglari, says Maxim will continue under its current management team and stay based in New York.

"As the new owner, we look forward enthusiastically to making long-term investments in pursuit of revitalizing the Maxim brand. Maxim's inclusion into our collection of companies will benefit from our financial strength," Biglari said in a prepared statement. "We plan to build the business on multiple dimensions, thereby energizing our readership and viewership."

Earlier this month, Calvin Darden Jr. was arrested on fraud charges for impersonating his father, a successful executive, and fooling lenders into providing millions of dollars for a potential Maxim bid.

Biglari shares increased slightly Friday after the announcement, rising less than 1 percent, to $448.99 each.

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  • Confused
    What direction is the guy going? If I were dumb enough to be a shareholder I would be upset by this move. I think Joe's comment is spot on. I would add this is a move to improve his chances of dating a model.
  • "Dear Maxim, I've never written in before..."
    The morning radio show comedians will have a field day with this one. I guess the Steak&Shake adds will look like GoDaddy soon and Maxim will feature more "double Patties with cheese". :-)
  • Can't wait until
    he puts his name on the magazine and takes a percentage of each issue sold for the privilege. "Maxim by Biglari", coming to a newsstand near you!

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