Maxim Has Already Lost Biglari Holdings $39 Million
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 Feb. 18 letter to shareholders from CEO Sardar Biglari.
Maxim lost $21.5 million in 2014 and $18.1 million in 2015, according to the letter. Overall, the after-tax impact of the magazine has been a loss of $25 million.
“We purchased a media business, Maxim — knowingly stepping into a maelstrom — with the
