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Money-Losing Maxim Magazine Sold to Atlanta’s Calvin Dard

Maxim magazine, the bawdy men’s title taken over by creditors after a $250 million buyout, was sold to Darden Media Group, which plans to turn the brand into a cable network.

Darden Media, run by Chairman Calvin Darden Sr., will buy Maxim from Alpha Media Group, a New York-based company controlled by Cerberus Capital Management LP, according to a statement yesterday. The sale includes Maxim’s U.S. magazine, sold in 49 countries, 15 international editions, an events business and digital assets.