Adam Levin, CEO of Oreva and High Times told Reuters late last week that the investor group has backed a management-led buyout of Here Publishing, owner of Out and The Advocate, from former owner Here Media. Terms of the agreement were not disclosed.
With the acquisition, Oreva is rebranding Here Publishing to Pride Media Inc., and in addition to acquiring Out and The Advocate, the investor group also gains ownership of the organization’s other publications, including Pride, Plus, Out Traveler and LGBT.com.
Moving forward with the LGBT titles, Levin said Oreva has plans for the expansion of its online and events business.
“We are looking for brands that have strong emotional ties with a community,” said Levin in an interview with Reuters. “We think there is a unique opportunity in niche media brands that are undervalued and have further ways to monetize the intellectual property.”
Levin also said Oreva plans to develop Pride Media’s events business to compose 30 percent of the company’s revenue in the next 12 to 18 months, up from the current five percent. Previously, Here Media’s brands have teamed up with sponsors to host various events related to the LGBT community, such as shopping initiatives, a detailed video series, and a custom virtual reality video of LA Pride.
Additionally, he added that the investor group plans to advance its digital business, hoping to increase total reach to 15 to 18 million monthly visitors, a rise from the current 12 million in the next 12 months.
Paul Colichman, CEO of Here Media, released a statement last week detailing Here Publishing’s (now Pride Media) next chapter under the ownership of Oreva.
“Truly authentic voices such as ours ought to be loudest, and Oreva will mount an expansion of video and deeper coverage in lifestyle categories such as food and travel, while extending our reach internationally,” said Colichman.
Moving ahead with the agreement, Lucas Grindley will serve as the new president of Pride Media, overseeing daily operations at the organization.
In June, Oreva acquired High Times in a deal reportedly valued at $70 million. The group of investors, which included musician Damian Marley, purchased a 60 percent stake in the brand, gaining access to the monthly magazine, website, and annual Cannabis Cup competition.
After Oreva purchased the 43-year-old weed magazine, the company announced in late July that it was taking High Times public through a definitive merger agreement reached with Origo Acquisition Corporation.