Oreva Capital, the Los Angeles-based investment firm that recently bought marijuana enthusiast magazine “High Times,” has funded a management buyout of a handful of media brands catering to the gay community.
Oreva has backed a management-led buyout of Here Publishing, which owns such titles as “The Advocate” and “Out,” with plans to grow its online and events business, Oreva CEO Adam Levin told Reuters in an interview.
Oreva is buying Here Publishing, which it is rebranding “Pride Media Inc,” at a time when many print publishers are struggling with declining subscribers and advertising revenue.
“We are looking for brands that have strong emotional ties with a community,” he said. “We think there is a unique opportunity in niche media brands that are undervalued and have further ways to monetize the intellectual property.