Miller Publishing Puts Vibe, Blaze And Spin Magazines Up For Sale

Jet, Nov 1, 1999

The venture partners behind Miller Publishing have ordered company chairman and CEO Robert Miller to sell Vibe, Blaze and Spin magazines, according to the New York Post.

Founders Robert Miller, David Salzman and music legend Quincy Jones are giving in to demands from majority owner Freeman, Spogli, a San Francisco private equity firm, to take advantage of a bullish media market, said general manager Anne Welch, according to the New York Daily News.

The New York Daily News, reported Freeman, Spogli has been said to have become increasingly impatient with the music magazines` inability to increase circulation and advertising revenues and their lackluster performance.

Combined the three magazines have an estimated revenue of $80 million and profits of about $12 million.

Freeman, Spogli has hired Salomon Smith Barney to explore the sale, the New York Post reported.

"We think it's a perfect time to sell," Todd Halloran, a partner at Freeman, Spogli told the Post. "It hasn't reached its full potential yet-but the biggest mistake people make is waiting too long to sell."

Vibe was started with the support of Time Inc. six years ago. Jones is the magazine's founder and chairman.