Maxim Lost $18 Million in 2015

Not good.

MTM1OTk2NTg4NTYzNjY2MTk0According to a filing from parent Biglari Holdings, Maxim lost $18 million in 2015. If that sounds bad, it’s actually an improvement. In 2014, Maxim lost $21 million. Progress!

Biglari Holdings’ owner Sardar Biglari, who also happens to be Maxim’s publisher and editor, did his best to make the mounting losses sound like business as usual.

“We purchased a media business, Maxim—knowingly stepping into a maelstrom—with the
expectation of incurring substantial short-term losses, the bulk of which we view as investments,” wrote Biglari in the filing. “The purchase of a troubled company with a core business, print publishing, in an industry with deteriorating economics is not for the faint of heart. If the tides are too tough, the abilities of the swimmer become irrelevant.”

Tides that are too tough can also lead to drownings, but hey. Good luck.