Celebrity magazine OK! – finally – gets a new owner. Why?

OK! magazine’s US edition has been purchased by American Media Inc (AMI) from Richard Desmond, owner of the Daily Express, Daily Star and OK! magazine’s British edition.  Since AMI spent some time in bankruptcy not too long ago, and OK! reportedly is losing $500,000 a week, sane people are asking why this deal was made.

“For us, OK! magazine will be profitable when we take it over,” said AMI CEO David Pecker.  He explained it will be easier for AMI to make the magazine work because he will use the company’s existing structure to save money in printing, distribution and back office functions.  The company also publishes other celebrity media, such as NATIONAL ENQUIRER, STAR and RadarOnline.com.

Details of the agreement have not yet been released, and no dollar figures are available.

Wooden Horse Friday Round-Up

BRIDES MAGAZINE said goodbye to Kimberly Forrest, fashion editor for local publications in multiple East Coast cities, including Atlanta, Maryland, New Jersey, New York and Washington, D.C. No replacement has been announced…

SEVENTEEN named Kaitlin Menza, kmenza@hearst.com, as the new associate lifestyle editor for the magazine.  Before coming to Seventeen, Menza was an entertainment assistant and blogger for GLAMOUR…

MOMS LIKE ME, a Missouri-based parenting magazine, has ceased publication.  The website will remain as a national social networking site, connecting moms throughout the U.S. Sony Hocklander, shocklander@news-leader.com, the magazine’s print editor, will continue as editor of the site’s Ozarks section…

JEWISH ACTION magazine named Rashel Zywick, zwickr@ou.org, as the new assistant editor, replacing the departing Anna Socher.  The magazine is published by the Orthodox Union…

BLOOMBERG BUSINESSWEEK hired Nikhil Hutheesing, nhutheesing@bloomberg.net, as deputy managing editor for finance.  Before coming to Bloomberg, Hutheesing had been managing editor for DAILYFINANCE since 2009…

GQ magazine brought onboard Mary Kaye Schilling, marykaye_schilling@condenast.com, as the new senior articles editor.  Schilling had been culture editor at New York magazine since July 2008…

LAPTOP MAGAZINE and its assets were acquired by digital publisher and content provider, TechMediaNetwork.  The magazine will continue to publish in all formats, including print, web and mobile, and all 23 full-time staff members will join the TechMediaNetwork office in New York.  The sale is reportedly a win-win for both entities, with TechMediaNetwork using Laptop’s content throughout its network of sties, and Laptop leveraging TechMediaNetwork’s assets to expand its digital presence.  Laptop has been published for 19 years…

FORTUNE hired Miguel Helft, no email yet, as the new technology senior writer, beginning in August.  He will serve in the magazine’s San Francisco bureau…

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