The answer to the question “who would want to buy that?” Phoenix-based investment firm Najafi Companies has bought Bertelsmann’s North American Direct Group assets, which include their family of book clubs along with Columbia House. The sale is expected to close in the third quarter and financial terms were not disclosed. (It was subsequently revealed in Bertelsmann’s annual report that the sale “generated proceeds of €19 million,” and Bertelsmann recorded a capital loss of €-18 million.) CEO Jahm Najafi says in the announcement, “We are very excited to enter the direct-to-consumer business and to work closely with Direct Group North America’s […]