Baxendale-Walker, who runs the adult film company Bluebird Productions and has produced, directed and acted in a number of adult films, plans to marry his adult businesses with the Loaded brand.
Baxendale-Walker has bought Loaded from Cooper Young, the administrator appointed to handle the sale of the magazine after parent company Vitality Publishing ran up a bill of £1m to creditors, through his firm MPRO.
Future plans include launching Loaded TV channels and to increase the magazine's 'girls and glamour' content.
The plan to launch Loaded TV follows in the footsteps of fellow lads' mag title, Nuts, which launched Nuts TV in 2007, only for it to be taken off air two years later.
Loaded was first published in 1994 by IPC Media. It was founded by Mick Bunnage, Tim Southwell and James Brown, and ran with the motto 'For men who should know better'.
It has experienced a drop in sales during the past few years, with circulation falling to 37,281 in January 2011 from more than 300,000 a decade ago.