Earlier we reported OK! Magazine was anything but okay. However, things are looking a little more optimistic!
Since the magazine launched on American soil, the company lost $218.3 million AND was losing $500,000 a week in the most recent fiscal year.
Time Warner had interest in buying the magazine, but faded presumably after looking at how much money OK! was losing every week.
Fortunately for the gossip magazine, American Media Inc. — home to the National Enquirer and Star — has agreed to make the purchase and plans to continue publishing it!
Sounds like a lot of nervous employees will get to keep their jobs, which is always a good thing, but now it's a matter of making some money!
Do U think the OK! can turn a profit under new management?
Tags: american, american media inc, buy, deal, loss, magazine, money, profit, purchase, star, time warner