Parry added that Chris Scardino, longtime director of AMI, has been named president of the new hybrid tabloid journalism-marketing company, which, months before the planned October 1 merger, has already attempted to execute the one of its touted business synergies: According to people familiar with the situation, AMI magazines have released photos of celebrities sporting face masks, in front of advertisements for COVID masks marketed and distributed by Accelerate360.Friday’s announcement – which said AMI would change its name to A360 Media, a subsidiary of a company that claims to be the nation’s largest distributor of periodicals, among other products, and claims “3 million square feet of Warehouse space fully equipped with the condition – state-of-the-art warehouse technology – was another unpleasant surprise for hundreds of AMI employees.In March, staff members were forced to take a 23% pay cut when the COVID-19 pandemic hit the United States, and they are now facing a downgrade in their health insurance coverage, according to reports. employees surveyed by The Daily Beast, while their job security is increasingly uncertain.
“We’re all feeling terrible right now,” an AMI employee told The Daily Beast. “We’ve all been through a bunch of mergers before and when they talk about ‘duplicate functions’ and ‘synergies’, I automatically think of layoffs. I can’t even imagine what it will look like.
A second employee said: “This means virtually no chance that wages will be restored to pre-pandemic levels. It looks like Pecker is gone and we’re all happy about that, but it remains to be seen if any layoffs will occur once this new company takes over.
Pecker, nearly 69, who during the last presidential campaign armed the Enquirer and other MAI publications to aid then-pal Donald Trump and attack Trump’s opponents, was demoted “immediately” to the role of executive adviser, a fancy corporate name to kibitzer.
As federal prosecutors investigate violations of campaign finance laws resulting from AMI’s 2016 payment of $ 150,000 to a former Playboy model to buy the rights but never publish her claim that she had an affair with Trump, Pecker and his sidekick, Australian importer Dylan Howard, signed an immunity deal that required them to cooperate with the federal government. A woman answering the phone in Pecker’s Greenwich, Connecticut on Friday said she did not know who he was.
” It’s incredible. What a grizzly ending, ”a former AMI staff member told The Daily Beast. “It’s a long, sad story of mismanagement from someone who never understood what these magazines were about. Pecker’s so-called friendship with Trump turned out to be the kiss of death.
The press release – which does not note that Chatham Asset Management, the hedge fund that owns AMI, also has a substantial stake in Accelerate360 – touts those AMI securities as Us weekly, Way of life, OKAY!, and Men’s Journal, but doesn’t even mention the Enquirer.
In April 2019, AMI announced with great fanfare that Hudson News owner Jimmy Cohen had agreed to purchase the Enquirer for $ 100 million – a claim that has been met with widespread skepticism by media watchers and is now proving to be false.
The press release omission from the famous supermarket tabloid, which saw newsstand sales drop by more than four million copies a week before Pecker acquired it two decades ago to around 100,000 now, has prompted observers to wonder if the new company – after the October 1 merger: Plans to continue publishing the once influential publications Enquirer founded by Generoso Pope Jr., larger than life.
“I have been saddened over the past twenty years by the National Enquirer’s ever increasing downward trajectory in both writing and sales,” Enquirer Editor-in-Chief and Chairman Iain Calder emailed The Daily Beast in reaction to Friday’s news. “Frankly, the executives failed to understand the unique qualities that helped us sell up to 5 million copies per week in the three decades leading up to the change of hands around the year 2000.”
Calder added, “If the new owners know how to track down some of the past traffic secrets, I’ll be extremely happy. Otherwise, it’s life. I just know I was proud of a post that grabbed the attention of all of North America and made 25 million readers a little happier every week.