Katie Holmes' $50 million libel lawsuit against Star magazine has ended. In today's issue, Star apologized for a January story about how Tom Cruise and Scientology control Katie. Star says it "did not intend to suggest that Ms. Holmes was a drug addict or was undergoing treatment for a drug addiction." And Star's…
American Media, publisher of the National Enquirer and Star, has been working for over a year to wiggle out of its crushing debts without bankruptcy. It didn't work: the company will be declaring bankruptcy in the next two weeks. [NYP]
National Enquirer and Star publisher American Media has, for all practical purposes, gone bust. Although they left enough wiggle room to declare a successful non-bankruptcy!
"The bondholders, who own a portion of American Media's junk bonds, want the company's private-equity owners to give them a larger take in return for retiring some of its debt, according to sources close to several bondholders." [Post]
It looks like American Media didn't cut its $2.4-million-per-year editorial chief Bonnie Fuller fast enough: the tabloid publisher is reportedly nearly broke, desperately trying to raise money before a bunch of junk bonds come due in February. Granted, those bonds are worth $415 million, so Fuller's salary is only a…
Amid general rejoicing in the humiliation of boss-from-hell Bonnie Fuller, have some sympathy for the departing American Media editorial director. Fuller not only failed to turn American Media's supermarket tabloid Star into a real competitor to the glossier Us Weekly; she recently lost her mother. But the driven…
Last night, Reuters hosted a panel entitled "Public Figures, Private Lives" to wallow in self-loathing about how much the media invades the personal lives of ostensibly public people. Panelists included First Amendment junkie Floyd Abrams, American Media den mother Bonnie Fuller, CNBC/MSNBC's Hilary Rosen, Splash News…
