Andrew Fox, CEO of lifestyle media and events company Track Entertainment, has offered Maxim magazine’s owners an ultimatum: accept his $40 million offer to buy the title or face a possible shutdown by March, the NY Post Page Six reports. Fox claims that in his hands, he can make make the struggling lad mag into a $300 million business. But a Maxim rep strongly denied that there are any deals being discussed with Fox. Since the news was reported in the NY Post’s gossip column, as opposed to its business pages, it does sound like Fox was attempting to make it seem that there was more interest in his offer than there may actually be.

Maxim has had considerable struggles over the past year. It was widely perceived as a quick takeover target after its parent, Alpha Media Group, was handed over to creditors in July after by PE firm Quadrangle. But Maxim has clearly defied those predictions. Last year, Quadrangle, the investment fund co-founded by Steve Rattner, defaulted on the debt it used to buy Alpha. Aside from the company’s general woes, just two months ago, Stephen Duggan resigned his post as CEO of Alpha Media. He was replaced by Paul Miller on an interim basis.

Fox has approached Cerberus, Alpha’s largest creditor, with his proposal. He says Cerberus told him that the company needs a few more months. Fox’s plan for the magazine could include turning Maxim into an online-only product, like its sibling Blender.

For its part, a Maxim rep reminded the NYP that Cerberus is just one of several other backers of the magazine. Meanwhile, the saga over Playboy’s possible sale continues, with speculation over whether the media company would be sold whole or in part to Iconix Brand Group, the owner of London Fog. We have also reported that National Enquirer publisher American Media Inc. is in talks to take over the business operations of Playboy magazine.

• Industry Moves: Maxim CEO Stephen Duggan Departs
• Is There a Case for Playboy + Maxim?
• Quadrangle Hands Lad Mag Maxim To Creditors