The acquisition, announced today, also includes Here’s Pride, HIV Plus, Out Traveler and LGBT.com. The new company will be branded Pride Media Inc.
Oreva Capital is an investment firm led by Adam Levin, who is acting CEO of High Times magazine and the Cannabis Cup, both publications focused on the marijuana industry.
“There is no better bet in media or advertising these days than on passionate, connected communities,” Levin said in an announcement of the acquisition. “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.”
“Levin will look to leverage the best practices from Here Publishing to help modernize High Times media properties”, the announcement said. “Likewise, Levin will utilize best practices and synergies from the thriving Cannabis Cup to expand Here Publishing’s events business in a meaningful way.”
Lucas Grindley, who is a managing director and the editorial direction for Here Media, will
continue to oversee operations of the company as its president
Paul Colichman, CEO of Here Media, praised the acquisition. “With the smart investment structure co-ordinated by Adam Levin and Oreva Capital and its partners, I’m thrilled to say that this isn’t just a simple purchase of assets. This is a catalyst moment where management takes an ownership position and the amazing souls that carried the torch for so long will be in a stronger position to ensure Pride Media’s longevity.”
Colichman and his business partner, Stephen Jarchow, launched Here in 2002 as television’s only premium gay cable network. In 2008 their Regent Entertainment, a film distributor, acquired the Advocate, then a bi-weekly news magazine, and Out, a monthly lifestyle magazine and associated publications and website. The Advocate launched in 1967 as a newsletter for the LGBT community and its activists after the infamous Black Cat raid in Silver Lake.
In 2009, Regent combined its LGBT media properties into Here Media. As has been the case with other print media, it has faced challenges. Here eventually switched the Advocate to a bi-month publishing frequency, with six issues a year distributed with Out. It also split off its editorial team, outsourcing content and editing to a company owned by Aaron Hicklin, its editor, which allowed it to reduce employee benefit expenses. It has been criticized for failing to pay some of its freelance writers.