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National Enquirer Sold to Son of Hudson News Founder

first_imgThe National Enquirer, which is considered to be President Trump’s favorite supermarket tabloid, is being sold.American Media Inc. (AMI), the Enquirer’s publisher, announced on Thursday that it is selling the publication to James Cohen, a son of the founder of the Hudson News airport newsstand shops.The Enquirer, which has been losing money for several years, was put up for sale earlier this year. Sources say a drop in circulation and revenue played a role in the company deciding to end its association with the magazine, which also caught the attention of federal investigators during the 2016 presidential campaign.American Media, which is led by David Pecker, a longtime friend of President Trump, is also selling The Globe as well as The National Examiner in the deal. According to The Washington Post, the sale is worth $100 million.The principal owner of American Media, hedge fund Chatham Asset Management, reportedly encouraged Pecker to unload the Enquirer after federal investigators discovered that AMI purchased a story from former Playboy model Karen McDougal, who claimed that she had an affair with the President. The company bought her story for $150,000 and did not publish it. Federal prosecutors from the Southern District of New York granted Pecker an immunity deal as part of their investigation.American Media also signed a non-prosecution agreement with federal prosecutors. In it, the company affirmed the payment to McDougal was to “influence the election.”The deal stipulated that American Media “shall commit no crimes whatsoever” for three years and that if it did, the company “shall thereafter be subject to prosecution for any federal criminal violation of which this office has knowledge.”Amazon CEO Jeff Bezos also accused the magazine of trying to blackmail him a few months ago. He alleged that the Enquirer threatened to publish explicit photos of him, claims which the magazine has denied.The Enquirer, originally The New York Enquirer, was headquartered in Lantana from 1971 to 1999, when it moved to Boca Raton for several years. Generoso Pope, who bought the title in 1952, moved it here from New Jersey in 1971. His widow, Lois, then sold it 30 years ago for $412.5 million.last_img

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