Modern Luxury Media has been approached by several parties, according to CEO William Colbert. Besides Angeleno, the company publishes two dozen or so magazines, including San Francisco and Manhattan. Colbert was named CEO in February after lenders seized control and ousted founder Michael Kong. Several years back, Roy Disney's Shamrock Capital Growth Fund invested $50 million in the company, but later on Kong was said to have defaulted on $120 million in debt. From the NY Post:
In his e-mail to employees, Cobert said he believes the long dormant ad market is finally coming back to life, and cited a 15 percent jump in ad revenue booked for May issues as the evidence. Overall, Modern Luxury said it has booked 2,175 advertisers for 2010. "Given the level of interest in our company that has already emerged, we anticipate this process moving forward quickly with completion targets for this summer," said Cobert, who has retained the New York-based investment bank Berkery Noyes to handle the process.