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.