Quadrangle Capital Partners and Kent Brownridge to Acquire Dennis Publishing, Owner of Maxim, Blender and Stuff Magazines and Websites

Quadrangle Capital Partners and Kent Brownridge to Acquire Dennis Publishing, Owner of Maxim, Blender and Stuff Magazines and Websites

Brownridge to Serve As CEO

NEW YORK, June 15 /PRNewswire/ -- Quadrangle Capital Partners II LP, a private equity fund focused on the media and communications industries, announced today it has reached a definitive agreement to acquire Dennis Publishing, Inc., publisher of some of the world's most successful young male lifestyle magazines and websites including Maxim, Blender, Stuff and Maxim.com. Financial terms of the transaction were not disclosed. The transaction is expected to close in the third quarter.

Kent Brownridge, a longtime media industry executive who partnered with Quadrangle on the acquisition, will serve as the company's Chief Executive Officer following the close of the transaction. Mr. Brownridge is one of the most well-regarded executives in publishing, having spent more than three decades at Wenner Media, most recently as Senior Vice President and General Manager, where he oversaw the production of Rolling Stone, Men's Journal and US Weekly.

Dennis's titles have an unrivaled position among the attractive but difficult-to-reach 18-34 male demographic. The assets acquired as part of the transaction include Maxim online, Maxim magazine and its international network of licensee publications, Blender magazine, Stuff magazine and a number of additional Maxim-themed enterprises including a radio network (Maxim Radio on Sirius Satellite Radio), restaurant chain, nightclubs, resorts and an event marketing company. Combined, the magazines deliver an unduplicated monthly audience of 15.7 million, predominantly in the male 18-34 demographic, while the Web properties tallied more than four million unique visitors and 116 million page views in April 2007 alone. Quadrangle will not be acquiring The Week, which will be retained by the seller.

Mr. Brownridge said, "I am very excited to be partnering with Quadrangle on this transaction and to have a chance to lead one of the industry's most enviable franchises. Maxim, Blender and Stuff and their web properties have built a large and loyal audience among one of the hardest demographics to reach, leaving the company uniquely positioned to connect readers and advertisers on a variety of different platforms, ranging from print to radio to digital media. By leveraging the company's existing assets and Quadrangle's media expertise and network of relationships, we intend to expand its reach into the young male audience even further through new brand offerings and integrated events and programs that will connect advertisers to this group."

Peter Ezersky, a Managing Principal of Quadrangle Group said, "This transaction enables us to bring together some of the publishing industry's most valuable assets-the Maxim, Blender and Stuff brands and Kent Brownridge. We have known and admired Kent for more than 15 years and are delighted to have the chance to partner with him. We believe he is the perfect executive to build on the powerful platform that Felix Dennis and Stephen Colvin have established."

Felix Dennis, the founder and majority shareholder of Dennis Publishing Inc. said, "We are very pleased with this transaction. I believe the magazines will be in capable and experienced hands and wish Quadrangle and Kent Brownridge as much luck and success with Maxim, Blender and Stuff as my partners, colleagues and I have enjoyed these past ten years. In the UK, my company looks forward very much to remaining a part of the growing world-wide Maxim family."

Dennis Publishing, Inc.'s financial advisor was Allen & Company and its legal advisors for this transaction were Jones Day. Quadrangle was represented by Davis Polk and Wardwell.

About Dennis Publishing Inc.

Dennis Publishing, Inc. is a media company that publishes two of the most successful modern men's lifestyle magazines in America -- Maxim (2.5 million rate base) and Stuff (1.3 million rate base) -- along with general interest music magazine Blender (Advertising Age's Launch of the Year and Adweek's Hot List). Maxim Radio is broadcast on Sirius Satellite Radio on channel 108. The Week, a distillation of the week's most important news and opinion from the US and international media (Advertising Age's A-List), will not be included in this transaction. The Week is a registered trademark of Felix Dennis. For more information, please visit www.dennispublishing.com.

About Quadrangle Group LLC

Quadrangle Group LLC is a private investment firm with over $5 billion in assets under management. Quadrangle invests in media and communications companies through separate private and public investment strategies and in debt securities across all industries through a debt investment program. Quadrangle Capital Partners represent its private equity funds that specialize in the media and communications industries. All investment strategies seek to maximize value by leveraging the investment teams' extensive experience, knowledge and industry relationships. For more information, please visit http://www.quadranglegroup.com/.

Source: Quadrangle Capital Partners II LP

CONTACT: Adam Miller or Lex Suvanto, both of The Abernathy MacGregor
Group for Quadrangle, +1-212-371-5999, or alm@abmac.com

Web site: http://www.quadranglegroup.com/
http://www.dennispublishing.com/
http://maxim.com/

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Profile: intent