Wednesday, April 28, 2010

Modern Luxury up for sale

This item seemed to slip under the radar screen: Modern Luxury, the owner of magazines for the rich and . . . rich, is looking for a buyer.
Keith Kelly of the NY Post reports that CEO William Cobert informed employees in an e-mail this week. "Our shareholders have made a strategic decision to seek a new equity partner or a buyer to support the future development of our company," Kelly is reporting Cobert writing.

Berkery Noyes has been brought in to handle the sale.

Last week I reported on the nine iPad apps (now ten as the app for Miami Magazine is now in iTunes) that had appeared in the iTunes store for Modern Luxury products. The apps were developed by BlueToad.