From the Financial Post by Armina Ligaya
OxygenOxygen magazine’s July 2013 cover. The sale comes 16 months after the death of the publishing house’s visionary and namesake Robert “Bob” Kennedy, who started MuscleMag at a Brampton, Ont. kitchen table in 1974.
The Ontario-based owner of the popular health and fitness titles MuscleMag and Oxygen has sold them to a California-based publisher, relinquishing two marquee magazines from the now beleaguered publishing empire just three months after it filed for bankruptcy.
Canusa Products Inc., the parent of Robert Kennedy Publishing Inc., sold off its magazine business to Cruz Bay Publishing Inc. according to Deloitte and Touche, who was appointed as trustee of the bankrupt estate.
“Cruz Bay Publishing Inc. will effectively re-start the publishing and distribution business, involving Oxygen, MuscleMag International, Clean Eating, Reps, American Curves, and the former magazine Maximum Fitness,” Deloitte told the Financial Post.
An agreement for the sale transaction, for which the financial details were not disclosed, was entered into on Aug. 16 and approved by the Ontario Superior Court on Aug. 23, according to documents.
The sale comes 16 months after the death of the publishing house’s visionary and namesake Robert “Bob” Kennedy, who started MuscleMag at a Brampton, Ont. kitchen table in 1974 and later counted bodybuilding legend and former California governor Arnold Schwarzenegger among his friends.
Full article is here.
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