F+W Media, the publisher of niche service titles that filed for Chapter 11 bankruptcy protection in March, this week told the court it raised $7.75 million by auctioning off its magazine titles.
A 16-hour auction involving 17 bidders resulted in breaking up F+W’s media properties among six separate sales, a debtor attorney told the court.
F+W Media’s past attempt to build an ecommerce business was cited by current company management as a major mistake. Its bankruptcy filing showed debt of $105.2 million and $2.5 million in available cash.
Macanta Investments, a private-investment partnership for Terence O’Toole and his family, put up $2.85 million for F+W’s crafts group that includes a network of 10 knitting, sewing and needlework magazines, along with nine quilting titles.
O’Toole is a managing partner of Tinicum Inc., an investment firm that bought a majority interest of F+W in 2014.
Macanta also paid $675,000 for F+W’s artist’s network, which includes Artists Magazine, Southwest Art, Watercolor Artist and Pastel Journal.
Cruz Bay Publishing, a unit of enthusiast media company Active Interest Media, beat out Meredith Corp. to acquire Popular Woodworking for $1 million.
Cruz Bay also paid $200,000 for Writer’s Digest, $100,000 for Family Tree and $75,000 for Horticulture magazine. In addition, Cruz Bay acquired F+W’s collectibles group, which consists of six magazines, for $350,000.
The American Astronomical Society, which publishes the peer-reviewed Astronomical Journal and Astrophysical Journal and other publications, bought the 78-year-old Sky & Telescope magazine for $1.23 million.
F+W staffers acquired the company’s three remaining media properties.
Brad Rucks, publisher of Deer & Deer Hunting, bought the magazine and three other outdoors titles for $575,000.
Gary Reichert, an associate publisher at F+W, agreed to pay $400,000 for its construction group that prints Rural Builder and Metal Roofing magazines.
Todd Friedli, the director of events at Creative Crafts Group, bought two scrapbooking conventions that were split off from other crafts properties, for $300,000.
The sale of the magazine properties and related intellectual property came a week after F+W received approval to sell its book publishing division for $5.6 million to Penguin Random House.