Just one week after a $200 million capital investment in former ICM chairman Jeff Berg’s new agency Resolution was disclosed publicly, Najafi Companies announced Tuesday afternoon that it sold its majority interest in Direct Brands to Pride Tree Holdings “during the last quarter of 2012.” Najafi originally bought Direct Brands, the parent company of Columbia House, Book-of-the-Month Club and other book clubs, from Bertelsmann in July 2008. Then Najafi subsequently purchased DirectGroup France, Belgium, Switzerland and Quebec from Bertelsmann in March 2011. The European entity was not announced as part of the sale to Pride Tree. Curiously, little information is […]
