Biglari Holdings Inc has acquired men's lifestyle magazine brand MAXIM through a wholly-owned subsidiary, according to PR Newswire. The financial terms of the deal were not disclosed in the said report.
Under the terms of the acquisition deal, MAXIM will continue to operate in its New York City office and will still be headed by its existing managers, the report stated.
Biglari founder and Chief Executive Officer (CEO) Sardar Biglari said of the deal: "As the new owner, we look forward enthusiastically to making long-term investments in pursuit of revitalizing the MAXIM brand. MAXIM's inclusion into our collection of companies will benefit from our financial strength. We plan to build the business on multiple dimensions, thereby energizing our readership and viewership."
Biglari is a diversified holding firm involved in various businesses, most prominent of which is the restaurant sector. All of the major decisions in the company and its main subsidiaries is made by its CEO, the report detailed.
MAXIM is a US-based media publication for young men's lifestyle. The brand has almost 9 million monthly readers and is available in 75 countries all over the world, PR Newswire reported.
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