LOS ANGELES -- Frontiers Media, the financially troubled publisher of Southern California’s largest circulation gay magazine, appears to have found a buyer.
Papers filed Friday with the U.S Bankruptcy Court in Los Angeles identify the buyer as Michael A. Turner, who has established a company called New Frontiers Media Holdings LLC, through which to make the investment. Turner, an investment banker in Los Angeles, is a former partner in the Courtney Group, where he worked with Sam Leslie, one of Frontiers’ largest creditors.
Turner’s New Frontiers Media Holdings will be paying $361,000 for Frontiers, a free-distribution magazine published biweekly, along with its website and other assets. The purchase will close by Dec. 31 unless another party comes forward with a bid of at least $10,000 more.
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