Posted: 4:15 am
September 3, 2008
THAT didn't take long.
While Media Ink was away on a little R&R, Kent Brownridge has gone suddenly from his CEO post at Alpha Media, where he had led Quadrangle Group's takeover of most of the US operations of Dennis Publishing, including music magazine Blender and lad mag Maxim.
Yesterday, Brownridge was in London wrapping up a deal to become the new general manager of the American edition of OK!.
British billionaire Richard Desmond, who had made most of his money in the adult-entertainment business in England, has already spent more than $100 million on the launch of the US version of the magazine.
"It's a huge challenge but a terribly exciting one," Brownridge told Media Ink as he was getting ready to jet back home. "In a terrible year for the industry, these guys are up on all fronts."
Unlike his early days at Alpha Media, where he fired most of the key publishers and editors and shut down money-losing Stuff magazine, Brownridge said he plans to keep the current executive team, including Publisher Tom Morrissy and Editor Sarah Ivens, both of whom now report to Brownridge.
"My job is to get circulation up and to get ad sales up," said Brownridge.
Some rivals are already calling OK! one of the most expensive magazine launches in history.
But Brownridge claims OK! doesn't wear the crown as biggest money loser out of the gate.
"There are a lot that were more expensive, and we're at break-even now," he said.
Nevertheless, some critics said that despite any gains the magazine has made, it will be at least one more year before the magazine can operate in the black - and many more before it can erase the sea of red ink it has spilled so far.
A year ago, Brownridge teamed up with Quadrangle Group's Steve Rattner and Peter Ezersky to take over Dennis Publishing's US operations as the new CEO. But in August came the sudden announcement that Brownridge was getting kicked upstairs as chairman. The CEO job was eventually split between two executives who reported to Brownridge.
Most observers felt that his departure from Alpha was tied to Alpha's financial backers being dissatisfied that the company's performance didn't improve dramatically, and in fact worsened.
