David Pecker, the Chairman and CEO of American Media Inc. (AMI), is king of the tabloids, has an excellent mustache, and apparently, money to burn. He tells WWD’s Amy Wicks that AMI makes about $3 million a year from advertising and digital magazines, and that he has $50 million primed for acquiring new titles (specifically Maxim).
Pecker is painting a very different picture of AMI than what has been in the news lately. The company recently emerged from its debt, and rumor has it Pecker is giving big bonuses to execs. However, just last week he asked staffers to take three unpaid furloughs by the end of March.
Don’t let that mustache fool you. There’s something fishy going on at AMI.