Goldrush Media buys 'Spin'

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Vibe magazine parent Goldrush Media has reached a deal with Bob Guccione Jr. and partners to purchase Mr. Guccione's Spin magazine for $42 million. Goldrush Media is headed by former Time Inc. Ventures President Robert Miller, musician Quincy Jones and Jones associate David Salzman. The deal reportedly was signed over the weekend and could be finalized in the next two weeks. Mr. Guccione Jr., the editor in chief and publisher of Spin, will no longer be part of the magazine he founded 12 years ago and is looking to start another title as early as next year. Also bowing out is investor Stephen Swid, who held a 51% interest in Spin after a $5 million investment in 1989.

Copyright June 1997, Crain Communications Inc.

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