Buzz Turns Down Detour Stock Swap Offer

At least one other Los Angeles company besides Walt Disney Co. was interested in buying Buzz magazine, which filed for Bankruptcy Court protection and closed this week. Disney-owned Fairchild Publications plans to pay $5.3 million for Buzz’s subscription list and trademarks. Detour magazine, an L.A.-based monthly with a paid circulation of about 115,000, made a play to acquire Buzz and keep it afloat, said President and Chief Executive John Evans. Buzz owner Sharon Chadha confirmed Detour’s offer, but said she made “the deal that had the best chance of letting everyone walk away whole.” Detour was offering only a stock swap; though Evans has aggressive plans to turn Detour around, the company has been losing money, and its over-the-counter stock was trading near an all-time low last week at $1.50.