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.

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