Hachette Filipacchi Media U.S.

American magazine publisher based in New York City, active between 1972 and 2011 as a subsidiary of French conglomerate Hachette Filipacchi Médias, one of the world's largest magazine publishers. Hachette Filipacchi Media U.S., Inc. (HFM U.S.) initially started as a sub-division within CBS Inc., known as CBS Magazines or CBS Publications. Under the direction of talented and resourceful publisher Peter G. Diamandis (1931—2013), CBS aggressively expanded its magazine portfolio, purchasing Fawcett Publications Inc. in 1977 (resold in '82 to Ballantine Books), a renowned Audio magazine in 1979 and the majority of assets from Ziff-Davis Publishing Company in 1984, including Stereo Review. In October 1987, Diamandis sourced $650 mln in financing and led the management/employee buyout of CBS Magazines, forming an independent Diamandis Communications Inc. In April 1988, Peter sold the majority stake in his company to Hachette Filipacchi Médias while retaining the operational control, and "Hachette Filipacchi Media US" was established. The following year, Peter Diamandis acquired High Fidelity Magazine from ABC, one of the main competitors to his Stereo Review. Diamandis immediately closed High Fidelity down and fired the entire editorial team, highly criticized for this controversial "merger." In May 2011, The Hearst Corporation acquired all Hachette Filipacchi Media U.S. magazines.