I get the feeling that the owner of the rights to the bulk of the ACG product also ended up with the rights to Milson's Lightning Comics, because "Fatman" was reprinted together with ACG's "Herbie" in Canadian "Herbie" Comics during The 1990s. That leads me to guess that both came from the same source, whover ended up with the rights to Jim Hughes' ACG series. Hughes, an ex-partner of Ben Sangor in The Sangor Studios, had been a junior partner with Sangor in ACG, until he bought Sanger out in late 1948, when the latter retired from the publishing business. Hughes ran ACG until it went bankrupt in 1967. I'm wondering if he founded Milson Publishing (maybe with a rich financier partner). All 3 of Creston Publishing, ACG, and Milson, listed the same St. Louis address for their publishing house, and had a New York address for their editorial office (both Hughes and Sangor were headquartered in New York), except for the few years that The Sangor Studios were headquartered in Miami, because Fleischer's Animation Studio was there then, so Hughes operated Sangor's East Coast studio there, as its editor. Ex-Fleischer and Disney Animator, Jim Davis, ran Sangor's studio in L.A. When Fleischer moved his studio back to New York, Hughes brought Sangor's East Coast studio back there. But their Creston and ACG comic book publishing office was always at that same St. Louis address that Milson used. And Milson started later in the same year that ACG closed down.I think that Hughes got together with Binder and Beck, in a last ditch effort to make some money in the comic book industry. I think they saw that the super-hero comics were getting stale, and too formulaic, with not enough innovation. It seems they thought doing a parody, with an untypical but somewhat sympathetic hero, would inject some new energy into superhero comics. And using the talents of Beck and Binder, with an old-fashioned 3-tier '40s style, would mix in a classic feel to the stories. I'll bet they had a lot of fun writing and drawing them.
The experiment failed, because most kids weren't into comic books as much as they had been during the 1940s and early '50s. When I was growing up during the late 1940s, 1950s, both in Canada, and Holland, MOST kids read comics. In Holland, right after World war II, the country was a mess, and struggling to recover its economy. Most people were poor, and didn't have extra money. No one had TV in their homes. The cinema was an expensive luxury when their wasn't much money in the family. There were the comics in the newspapers, which kids collected, and soon collections of them appeared in books. Disney Comics (Donald Duck) first came in 1952, with lots of Barks, and other good series. But, we got Disney from Belgium's "Mickey Magazine" from 1949-52. There were some action series too, from USA and elsewhere, and some Dutch series' comics. EVERY family I knew in Den Haag, that had children, had lots of comic books in their houses.
Same was true in Canada and USA. In Manitoba, we had no TV in most normal people's homes until 1955. Kid's main evening and blizzard entertainment was comic books, board games and card games. EVERY boy I knew read comic books, and most collected masses of them. My cousins I visited in Chicago also had scads of them- both superhero, and funny animal, and also western, and crime/police, war/combat, and, later horror. Girls read the "cutesy" funny animals and girl-oriented (Little Lulu, Little Eva), Archie/teen comics, and romance comics.
But, during the 1960s there were LOTS of kids that didn't read comic books. There were LOTS more types of affordable entertainment that weren't around during the '40s or weren't affordable, and many that weren't available in the '50s.
To many us, who grew up during the 1940s and 1950s, comic books were and are essential and sacred. To almost all the rest of the kids who grew up then, they were a very enjoyable way to pass time, and they now bring back many great nostalgic memories.
The percentage of all kids who grew up in The USA and Canada with those attitudes towards comic books shrunk quite a bit for those who grew up during the 1960s, and moreso, probably exponentially, during each successive decade afterward, up to today (despite Manga's relative popularity.
I dare to guess that it has gone a similar way in The UK and Ireland, albeit degrading more slowly. In Europe, comic books, especially graphic novels remained popular for a long while. But, regular standard US-sized comic books have lost a lot of popularity starting in the 1990s. Manga is doing very well, while the traditional titles are continuing to decline in sales. Comic books have a hard time competing with animated films, animation on You-Tube, hundreds of TV channels, theme parks, digital games, etc.