Business News
Publisher of National Enquirer to file for bankruptcy
Nov 1, 2010, 18:56 GMT
New York - American Media, the publisher of supermarket gossip tabloid the National Enquirer, is to file for bankruptcy, the company said Monday.
The move will allow the privately owned company to restructure its debt by executing a debt-to-equity exchange with its bondholders, about 80 per cent of whom have agreed to support the restructuring.
American Media also owns magazines like Men's Fitness and Star. Like other print publications, the company's titles have been hard hit by internet websites, with the National Enquirer losing readers to a wide variety of constantly update celebrity websites.
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