• The Wall Street Journal, Monday, November 24, 2008 9:15 AM

The publisher of music magazine Blender and men's magazine Maxim is in restructuring talks that are expected to turn over the company to creditors, in another blow to star media deal maker Steve Rattner.

Financial results at Alpha Media, publisher of the magazines, have dropped sharply amid an advertising slowdown, causing the firm to violate debt covenants. Through the first nine months, Maxim's ad pages were mostly flat, per the PIB, and overall circulation slipped 1.3%, per the ABC.

Quadrangle Partners purchased Alpha from U.K.'s Dennis Publishing in June 2007 for $240 million, with an estimated $150 million of debt. Kent Brownridge, who helped engineer the Quadrangle deal, stepped down as Alpha CEO in August.

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