American Heritage closes deal with Forbes

A last-minute appeal by the Society of American Historians has helped save American Heritage, Thomas Fleming reports.

The magazine, owned for many years by Forbes, was threatened with closure when the buyer, Edwin S. Grosvenor, had trouble raising the money needed to complete the purchase on a tight deadline. Last Monday at the Society's annual New York banquet Fleming, then in his final moments as president of the organization, revealed that Grosvenor had been able to finalize the deal. Without going into details he said that the Society's appeal on the magazine's behalf had been critical.

Last December Grosvenor announced he had purchased the magazine but Forbes remained the legal owner until just two weeks ago when the final papers were signed, said Fleming.