Update: The official word is out.

Dennis Publishing, the publisher of magazines such as Maxim, has sold its U.S. arm to private equity firm Quadrangle Group, and is now under the leadership of ex-Wenner executive Kent Brownridge. The group acquired Maxim, Stuff and Blender from founder Felix Dennis for a deal worth between $235 and $250 million, reports WWD. Dennis will hold on to The Week, a title that is successful both abroad and here in the U.S. since its domestic launch in 2001, and the U.K. versions of Maxim and Stuff.

NYP:  Quadrangle, led by Steven Rattner and Peter Ezersky, is backing Brownridge, the former No. 2 to Jann Wenner at Wenner Media. Brownridge will be the new CEO of the company, setting the stage for battle with his former employer. The deal also includes Maximonline and licensing deals for Maxim magazines in 27 other countries, including Russia, China, India, Mexico, Germany and Italy.