Here Publishing, which owns such LGBT
titles as The Advocate and Out, announced on Thursday
that it is under new ownership.
Oreva Capital, a Los Angeles-based
investment firm, funded the management-led buyout of Here Publishing.
Oreva CEO Adam Levin said in a press
release that he sees niche media as a safe bet.
“There is no better bet in media or
advertising these days than on passionate, connected communities,”
Levin, who will represent Oreva on the board of directors. “We
are excited and feel extremely honored to have the opportunity to
work with brands such as The Advocate, Out and Pride and realize
their next phase of growth.”
Earlier this year, Levin became the
acting CEO of High Times, the leading magazine that advocates
the legalization of cannabis.
Other properties in the deal include
Pride, Plus, Out Traveler and LGBT.com. The
properties will be rebranded as Pride Media, Inc.
Levin told Reuters that he plans to
grow Pride Inc's events business, which currently stands at 5 percent
of the company's revenue, to 25 to 30 percent, and increase its
digital business from 12 million monthly visitors to 15 to 18 million
within the next 12 to 18 months.
The properties were purchased in 2008
from struggling PlanetOut.