AMI to Buy Celeb Weekly 'OK!'

First acquisition for company post-bankruptcy

American Media Inc.'s impending purchase of OK! has been a long time coming. Since the magazine launched in the U.S. five years ago, AMI chairman, CEO, and president David Pecker has watched it from the sidelines, first as a potential joint venture partner of OK! founder Richard Desmond and later as a bidder for its distribution. But Desmond always wanted to go it alone.