Before Bezos Fight, Enquirer Publisher AMI Faced Steep Losses
Before Bezos Fight, Enquirer Publisher AMI Faced Steep Losses
By Shahien Nasiripour at Bloomberg
https://www.bloomberg.com/news/articles/2019-02-12/before-bezos-fight-enquirer-publisher-ami-faced-steep-losses
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The publisher of the National Enquirer, currently under attack by Amazon.com Inc. founder Jeff Bezos, has been facing steep financial losses that have left the once-loyal keeper of Donald Trump’s secrets with more than $1 billion in debt and a negative net worth.
The closely held American Media Inc. -- led by the president’s longtime friend, David Pecker -- recorded a $31.5 million loss in the six months that ended Sept. 30, according to documents reviewed by Bloomberg. That marked an improvement over the previous year, but nonetheless brought the company’s total losses over the last 5 1/2 fiscal years to $256 million. AMI owed about $203 million more than its assets were worth.
Adding to the troubles for Pecker and his New York-based publishing company is the wrath of Bezos. The billionaire wrote in a blog post last week that he was blackmailed by the tabloid, which allegedly threatened to publish sexually suggestive photos from an extramarital affair. The exchange followed a 12-page spread in the Enquirer last month full of racy text messages that he reportedly sent to his paramour.
Bezos, the world’s richest person, has the resources to fight. On Monday alone, his wealth increased by a bigger dollar figure than all of AMI’s revenue for the first half of this fiscal year.
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