American Media, Inc. profile and media properties

David J. Pecker is the CEO of American Media, Inc..

American Media is the leading publisher of weekly tabloid newspapers in the United States. Publications include the National Enquirer and Star, which are distributed mainly in supermarkets and focus on gossip and sensational personal stories rather than conventional news coverage.

The National Enquirer evolved from a former New York City tabloid newspaper, the New York Enquirer. The long, strange history of the National Enquirer includes reputed involvement of the mafia and mob money.

As a result of actual and threatened libel suits by celebrities, the Enquirer has taken greater care in checking and verifying the details of the celebrity exposes it publishes. American Media president David Pecker has said that "in the tabloid business, you pay for sources. But we have two former FBI agents on staff, and no source gets a check for $10,000, or even $1, without getting polygraphed. We also get three independent sources for all of our (National Enquirer and Star) stories. The New York Times runs one-source stories."

American Media also publishes a range of "mini-mags" on topics which include food, health and relationships.

Publishing industry veteran David Pecker, Thomas H. Lee Partners and Evercore Partners bought American Media in 1999 for $850 million. In 2003 American Media bought health and fitness magazine publisher Weider Publications, publisher of Shape Magazine, Muscle & Fitness and others, for $350 million.

In early 2009, American Media had about $1.1 billion in debt. The company barely avoided bankruptcy by agreeing to transfer ownership of 95 percent of AMI’s common stock to bondholders. As a result, the company's debt was reduced by $227 million.

In July 2010, American Media agreed to another debt for equity swap with most of its bondholders. After the transaction, AMI's debt will be reduced by $200 million and its leverage reduced from 7.2x to 5.1x. AMI Chairman, President and CEO David J. Pecker said, "I am very grateful to our bondholders for having the confidence and faith in AMI to consummate this transaction."

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