Alpha Media Group Inc. put Maxim up for sale a year ago. The publication has struggled, with ad dollars dropping 28 percent last year to $80.7 million, bucking a 1 percent gain for consumer magazines overall, said the Association of Magazine Media.
Terms of the deal with Biglari Holdings Inc. were not released Thursday. The San Antonio-based company, headed by CEO Sardar Biglari, says Maxim will continue under its current management team and stay based in New York.
Earlier this month, Calvin Darden Jr. was arrested on fraud charges for impersonating his father, a successful executive, and fooling lenders into providing millions of dollars for a potential Maxim bid.