Biglari Holdings Loses $39 Million from Maxim Magazine

Advertising Age: Maxim magazine, which was purchased by Biglari Holdings in early 2014, has already lost the holding company an aggregate pre-tax sum of $39 million, according to a letter to shareholders from CEO Sardar Biglari. “We purchased a media business, Maxim — knowingly stepping into a maelstrom. The purchase of a troubled company with a core business, print publishing, in an industry with deteriorating economics is not for the faint of heart.”