Peak Media Properties, a new company owned by Terence O’Toole’s private investment vehicle Macanta Investments, LLC, launched on Monday to house 20 former F+W Media crafts, design and fine arts titles. F+W’s former Artist’s Network and Crafts communities, which includes Artists Magazine, The Quilting Company and Interweave.com, as well as its HOWDesign.com and PrintMag.com properties were originally sold to Macanta Investments, LLC—also an investor in F+W—during the company’s bankruptcy auction last month for a total of $3,525,000. O’Toole, who had served as chairman of F+W's board of directors, was also a co-managing partner of the private investment firm Tinicum Inc., which had acquired a majority stake in F+W in 2014. The formation of Peak Media, which former F+W CEO Gregory Osberg will continue to lead as its CEO, was part of a strategic plan to come out of the Chapter 11 bankruptcy proceedings with clean assets and no more lingering financial burdens, according to Osberg. “The company has been financially challenged for the past couple of years, probably since 2017, so it just wasn’t in the position to apply the resources and the investment necessary for growth,” he tells Folio:. “The products were always sound—they had very loyal customers, readers and advertisers—but we just didn’t have the resources to launch new initiatives.” Osberg was originally brought into F+W as a consultant in January 2018 and took on the role of interim chief executive following the... Continue reading at 'Folio Magazine'
[ Folio Magazine | 2019-07-30 19:32:49 UTC ]