Maxim magazine sold; new owner plans cable TV extension

Maxim magazine, which in recent years declined from its leading role in the once-burgeoning men's magazine sector, has been sold to the Darden Media Group; the purchase includes the 2 million circulation print magazine and 15 international editions, digital extensions and an events business, according to a story in Publishing Executive. 

The magazine was launched in 1995 by British publisher Felilx Dennis and followed almost to a fault the tried-and-true beer, gear and babes formula. It was put up for sale by the Alpha Media Group in March after significant declines in its print advertising. In 2012 it sold only a third of the ad pages it sold as recently as 2007. It cut its rate base and frequency and most of its problems were attributed to the rise of digital media in the men's adult category. 

Darden was formed earlier this year by Cal Darden Sr., a retired United Parcel Service senior vp who has had a varied business career outside media. He currently serves as chairman and CEO of Darden Development Group, a real estate development firm, and sits on the boards of Target Corp. and the Coca-Cola Co. He was named by Fortune as one of the most powerful black executives in the U.S. Darden's son, stockbroker Calvin Darden Jr., was in the news several years ago when he pleaded guilty to stealing from securities firms and investors. 

Maxim's new owner said he plans to extend the brand across cable, radio and music platforms. "Although the publishing industry has seen seismic shifts over the past several years, transmedia brands that engage consumers and advertisers on multiple platforms [are] significantly on the rise," Darden said in a statement.