Michael Kong is being pushed out of Modern Luxury Media, the publishing company he founded in 1993 with his brother, the New York Post reports.
Modern Luxury, which publishes a bunch of niche websites and magazines, is drowning in $120 million debt and couldn’t make their $15 million in yearly payments.
So Kong (pictured here in the grey suit at Luxury media’s launch party) was ousted by executives, and has been replaced by William Cobert, CEO of Ebitda Media, until a more permanent replacement is found, according to the Post.
Through a partnership with Roy Disney’s Shamrock Capital, the publishing group has expanded its print from a single magazine, Chicago Social, to more than two dozen city publications.
Though Michael Kong got kicked to the curb, his brother, Stephen, will remain with the company in his role as publisher. Ouch.
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