American Heritage bailout by millionaire
HNN Editor: From the NYT: Edwin S. Grosvenor, the great-great-grandson of a founder of the National Geographic Society, has bought American Heritage magazine and its affiliated Web site (americanheritage.com) and book division from Forbes Inc. Forbes suspended publication of the bimonthly magazine after the April issue. Mr. Grosvenor, 56, who read about the magazine’s problems in The New York Times, will pay $500,000 in cash and assume about $11 million in subscription liabilities. Forbes will retain a 25 percent stake in the company. “As a publisher, I saw saving American Heritage the way a preservationist sees preventing Grand Central station from being turned into an office tower,” said Mr. Grosvenor, who published Portfolio, an art magazine, in the 1970s and ‘80s. He is putting together a group of investors to raise about $2.25 million to invest in the company. Mr. Grosvenor, who will be editor in chief, plans to publish his first issue in December. He has hired John F. Ross, a former senior editor at Smithsonian magazine, to be managing editor.
comments powered by Disqus
- Rare silent Native American movie of 1920s attracting a lot of interest
- Junípero Serra’s Missions Destroyed Entire Native Cultures. And Now He’s Going to Be a Saint.
- Isis destruction of Palmyra's Temple of Bel revealed in satellite images
- McKinley's lost his mountain. Should we still remember his presidency?
- 72 history professors sign letter urging removal of Jefferson Davis statue from Kentucky Capitol
- 10 Years After Katrina, the Enduring Value of the Hurricane Digital Memory Bank
- Historian author Antony Beevor says his new World War 2 book may anger Americans