Bezos, Pecker, and the American Magazine Business
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Last week’s bombshell post from Jeff Bezos, in which the billionaire Amazon founder and The Washington Post owner revealed AMI’s “offer he couldn’t refuse,” relates directly to consumer magazine publishers and their distribution channels. The reason: AMI is owned by hedge fund company Chatham Asset Management. Chatham Asset Management also owns American News Company, which through acquisition now controls about 70% of the magazine distribution channel in the US, including former behemoth wholesaler The News Group (TNG); national distributor Comag; TNG Specialty (formerly Ingram Periodicals), the exclusive distributor to Barnes and Noble and other bookstores; and Magnet, the company that compiles and provides sales data to publishers.
And of course, David Pecker is chairman and CEO of AMI, which owns the National Enquirer.
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