Yup, He Got It

Kent Brownridge, Quadrangle Seal Deal for Dennis

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NEW YORK (AdAge.com) -- Felix Dennis has finally done it, officially agreeing to sell off Maxim, Blender, Stuff and most of the rest of Dennis Publishing to Quadrangle Group and Kent Brownridge in a deal valued just above $240 million. That's the word from inside, even if representatives on both sides of the transaction are still declining to comment until they issue public statements today.
Kent Brownridge

Kent Brownridge

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Assuming the deal closes in about two months, as expected, it will give Mr. Brownridge, the former longtime No. 2 at Wenner Media, and his backers at Quadrangle control over the Maxim, Blender and Stuff brands outside the U.K. That includes Maxim's web site, mobile offering and licensing deals for restaurants and clubs.

Waiting for the change
The prospect of new ownership always puts employees on edge, but Dennis employees have been especially uncertain during the wait between the final round of bidding last month and the eventual deal. Now they've got another couple of months before they see what kind of changes the new owners will make. President-CEO Stephen Colvin, for one, is not expected to remain after the company changes hands. He referred a call to the Dennis spokesman.

Mr. Dennis, who is keeping The Week everywhere along with the U.K. editions of his magazines, hired Allen & Co. to explore the sale of most of his titles early last year, although company executives and their spokesman declined to confirm the move until February 2007.
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