National Enquirer, Not For Sale

Aug 15 (Reuters) - American Media Inc, publisher of the National Enquirer and Star supermarket tabloids, is no longer up for sale, after the company's owners rejected an offer from Apollo Global Management, the Wall Street Journal reported.
The company, which also publishes body-toning magazines such as Men's Fitness had informally explored a sale earlier this year, the Journal reported citing people familiar with the matter.

WSJ cited people close the matter as valuing the company at between $500 million and $720 million.

The Journal also said the company's owners are happy with the job Chief Executive David Pecker is doing and are content to remain on the sidelines for now as far as deals are concerned.

The company -- which went through a "prepackaged" bankruptcy last year -- and Apollo Global could not be immediately reached for comment.

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Posted in National Enquirer bankruptcy , WSJ