The supermarket tabloid will be purchased by the head of the travel retailer known for its airport newsstands.
By Sarah Ellison Sarah Ellison Reporter covering media and its intersection with politics and technology Email Bio Follow April 18 at 1:40 PM Ending an association between a longtime friend of President Trump and the tabloid that favored him during the 2016 election, American Media Inc. LLC is selling the National Enquirer for $100 million to James Cohen, CEO of Hudson News.
The decision to sell came after Anthony Melchiorre, the hedge fund manager whose firm controls AMI, became disillusioned with the reporting tactics of the Enquirer, which is overseen by David Pecker, Trump’s confidant dating back many years. Pecker and his supermarket tabloid have also been embroiled in recent months in an unusually public feud with Amazon founder Jeff Bezos, who also owns The Washington Post.
The company has faced financial difficulty as it sought to refinance more than $400 million in debt this year and as the Enquirer’s circulation continued to decline. The paper sold an average of 516,000 copies per issue in 2014, but that number fell to 218,000 in December, according to data compiled by the Alliance for Audited Media.
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