Seeking some sizzle, the owner of the Steak 'n Shake burger chain is buying men's magazine Maxim.
Alpha Media Group Inc. put Maxim up for sale a year ago. The publication has struggled, with ad dollars dropping 28 percent last year to $80.7 million, bucking a 1 percent gain for consumer magazines overall, said the Association of Magazine Media.
Terms of the deal with Biglari Holdings Inc. were not released. The San Antonio-based company, headed by CEO Sardar Biglari, says Maxim will continue under its current management team and stay based in New York.