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.
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