According 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.
WORK SMARTER - LEARN, GROW AND BE INSPIRED.
Subscribe today!
To Read the Full Story Become an Adweek+ Subscriber
Already a member? Sign in