F+W MEDIA ASSET SALES APPROVED

Special interest magazine publisher F+W Media is due back in Delaware bankruptcy court Monday afternoon, where the company is expected to present the winning bidders emerging from an auction of its remaining media assets, the latest step in a process that began when the company filed for Chapter 11 protection in March, citing over $100 million in debt.

Unlike the company's books division—the entirety of which went to Penguin Random House for $5.6 million at a similar auction last week—the magazine side was broken up and auctioned off in pieces, with the largest chunks going to Active Interest Media subsidiary Cruz Bay Publishing and Macanta Investments, the investment vehicle for Terence O'Toole, who is co-managing partner of Tinicum Inc., the private investment firm that acquired a majority stake in F+W in 2014.

... Cruz Bay Publishing secured successful bids for ... F+W's collectibles group, which comprises six additional print magazines, for $350,000.

To read the complete article, see:
F+W Media Reveals Winning Bidders at Bankruptcy Auction (https://www.foliomag.com/fw-media-announces-winning-bidders-bankruptcy-auction/)

F+W Media, the publisher of niche service titles that filed for Chapter 11 bankruptcy protection in March, this week told the court it raised $7.75 million by auctioning off its magazine titles.

A 16-hour auction involving 17 bidders resulted in breaking up F+W's media properties among six separate sales, a debtor attorney told the court.

F+W Media's past attempt to build an ecommerce business was cited by current company management as a major mistake. Its bankruptcy filing showed debt of $105.2 million and $2.5 million in available cash.

To read the complete article, see:
F+W Media's Bankruptcy Auction Nets Almost $8M, Magazines Sold Off (https://www.mediapost.com/publications/article/337177/fw-medias-bankruptcy-auction-nets-almost-8m-ma.html)

To read Coin World's coverage, see:
Asset sales get court approval in F + W Media bankruptcy (https://www.coinworld.com/news/us-coins/asset-sales-get-court-approval-in-f-w-media-bankruptcy)

To read the earlier E-Sylum article, see:
F+W MEDIA ASSET SALES UPDATE (https://www.coinbooks.org/v22/esylum_v22n24a10.html)

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