Los Angeles based investment firm Oreva Capital, fresh off purchasing High Times, has acquired LGBTQ publications The Advocate, Out, Pride, Plus, and Out Traveler.
Oreva has backed a management-led buyout of Here Publishing, to be rebranded Pride Media Inc., with plans to grow its online and events business, the company’s CEO Adam Levin told Reuters. His goal is to see it grow from 5 percent of the company’s revenue, where it currently sits, to at least 25 percent in the next 12 to 18 months.
He also hopes to see its total reach increase to 15 to 18 million monthly visitors, up from 12 million currently, in the next 12 months.
“There is no better bet in media or advertising these days than on passionate, connected communities,” said Levin in a statement. “We are excited and feel extremely honored to have the opportunity to work with brands such as The Advocate, Out and Prideand realize their next phase of growth.”
“The leaders inside of Here Publishing have taken an equity stake and will remain in their current roles for the foreseeable future,” the statement also reported.
Levin won’t say what say how much the company paid to acquire Here Publishing from former owner Here Media. He told CNN Oreva paid over $42 million for a controlling interest in High Times.
So what do High Times and LGBTQ media publications have in common?
“We are looking for brands that have strong emotional ties with a community,” Levin told Reuters. “We think there is a unique opportunity in niche media brands that are undervalued and have further ways to monetize the intellectual property.”