• February 25, 2003

American Media Inc., with publications ranging from the National Inquirer to Men’s Fitness, has taken on a new partner as part of a re-capitalization that will allow the company to expand its magazine and media holdings. Private equity firm Thomas H. Lee Partners will invest $254 million and jointly control the company with fellow investment firm Evercore Capital Partners, which will put in the same amount of money. The company says it will take that $508 million and grow. American Media chairman/CEO David Pecker says it will allow them “to build a larger media company.” The recent purchase of Weider Publications transformed the company from a tabloid publisher into a consumer magazine company, says Pecker, adding that the new funding “will let us pursue even bigger targets.” Beyond the Inquirer, American Media’s portfolio also includes The Star, The Globe and Weekly World News, in addition to the fitness titles Shape and Men’s Fitness, which it acquired through its Weider purchase.