Source Interlink to Go Private
Troubled major magazine wholesaler Source Interlink Companies, one of the firms at the center of a major magazine distribution crisis earlier this year, announced today it is going private as a result of a debt-restructuring deal with its lenders that wipes out $1 billion in debt.
Source was one of two wholesaler giants that asked publishers for an extra 7-cent-per-copy fee to deliver magazines earlier this year to stay solvent. Publishers balked, and the second one, Anderson News, went out of business as a result of the fracas, which caused widespread disruptions in the distribution chain and an undetermined amount of loss in publishers’ newsstand sales.
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