Economy

American Media looking to sell tabloid National Enquirer

American Media looking to sell tabloid National Enquirer

The Associated Press reported previous year that Pecker kept a safe that held documents on hush money payments and killed stories, including records on ones involving Trump.

The company said in a statement that it has chose to "explore strategic options for its National Enquirer (US and United Kingdom editions), Globe and National Examiner brands, which will likely result in their sale in the near future".

WaPo also noted AMI is under "intense pressure because of the Enquirer's efforts to tilt the 2016 presidential election in favor of Donald Trump" and its very public feud with Washington Post owner Jeff Bezos as additional reasons the Enquirer is struggling.

In August, the US attorney's office in Manhattan agreed not to prosecute American Media in exchange for the company's cooperation in its investigation of campaign violations.

American Media is embroiled in a legal battle with Amazon founder Jeff Bezos, who accused it of "extortion and blackmail", for carrying an article that highlighted his relationship with Lauren Sanchez, a former Los Angeles news anchor.

The agreement stemmed from prosecutors' investigation of Trump's former personal attorney Michael Cohen, who helped orchestrate that hush-money payment. AMI has defended its reporting on Bezos' affair.

Bezos said the tabloid promised not to publish the photos if he stopped his private investigators from trying to find out how the tabloid obtained the texts.

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The board for American Media began reviewing operations for the National Enquirer last August for the US (National Enquirer) and United Kingdom edition (National Enquirer Globe).

American Media LLC announced that it is seeking a buyer for the National Enquirer and other newsprint tabloids it owns.

Bezos took to social media to accuse the National Enquirer of blackmailing him.

Melchiorre controls the $4 billion hedge fund Chatham Asset Management, which holds an 80 percent stake in American Media Inc.

American Media recently refinanced hundreds of millions of dollars of debt after years of heavy borrowing and acquisitions.

Schwartz didn't immediately respond to a request for comment.

AMI's stable of titles that are not up for sale include Us Weekly, OK, Star, In Touch, Men's Journal, and Muscle & Fitness.