Overlap of Luxury

MLM to keep competing magazines

Modern Luxury, the regional magazine publisher controlled by the Dickey family, pledged on Monday that it will not close any titles now that it has bought rival GreenGale Publishing, owners of Hamptons, Gotham, Ocean Drive and L.A. Confidential.

Terms of the deal, which will result in an 84-title publishing house, were not disclosed, but the price is believed to be just a small fraction of the $100 million paid for GreenGale’s titles in 2006.

The newly acquired company and Modern Luxury Media overlap in the Hamptons, New York City, Chicago, Miami and Los Angeles.

“Our goal is to keep all the magazines up and running and to increase sales staff and editorial staff in those markets,” said Chief Executive Michael Dickey.

The CEO conceded that there would be some “synergies” regarding staffing in back shop operations but did not know how many cuts would take place.

In markets where two titles compete, he said he intends to reposition each to cater to different target audiences.

GreenGale’s forerunner company, Greenspun Media, acquired most of its titles from Jason Binn’s Niche Media in 2006.

News that a deal was fi- nally being signed after years of on-again, off-again negotiations was first reported on Monday by nypost.com.

Janie Greenspun Gale ended up with the magazines in 2013 after a bitter feud divided the Las Vegas real estate and media family that traces its roots to her father, Hank Greenspun, a past owner of the Las Vegas Sun.

The elder Greenspun got his start in Sin City as a publicist to mobster Bugsy Siegel, one of the architects who helped establish the modern Las Vegas strip.

Katherine Nicholls, the chief executive of GreenGale, will retire — but the company’s chief financial officer, John Kushnir, a carryover from Binn’s ownership, will become the CFO of the combined company.

Lewis Dickey, recently forced out as CEO of troubled Cumulus Media, is chairman of Modern Luxury.