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Uptown Magazine Announces Funding From Private Equity Firm InterMedia Partners
December 17, 2007
Premier Lifestyle Magazine for Affluent African Americans to Build Brand Significantly Through Market Expansion, New Hires and New Web Component
DECEMBER 17, 2007, New York – UPTOWN Magazine today announced InterMedia Partners, LP, a media private equity firm, as an investor in the newly formed Uptown Media Group, LLC and parent company to UPTOWN magazine, the New York based lifestyle magazine for the Affluent African American (AAA) consumer. The funding will allow UPTOWN to significantly expand its business model with the addition of (4) markets in 2008. The capital funding will increase human resource efforts in critical departments such as sales, marketing, editorial, circulation and on-line.
The company expects the UPTOWN circulation base will grow to 125,000 readers in 2008 increasing to 300,000 by 2010. In addition UPTOWN has applied for ABC audit for the second half ‘08. The expansion into Atlanta, Chicago and Washington, D.C., markets heavily populated with AAA marks a first for an urban-targeted title.
UPTOWN recently launched web site, www.uptownlife.net in November 2007 to reflect the culture of Affluent African American lifestyle. The site is quickly becoming the dominant destination for luxury on line with several new features launching in February of 2007. One of those features will be UPTOWNSOCIAL a weekly invitation only newsletter and guide to luxury living. Uptownlife.net, the web component of UPTOWN magazine will highlight the culture of the demographic and include relevant events, news, fashion, social networking, travel and profiles of the most sought after African Americans in the world.
“We are excited that InterMedia Partners, LP recognizes the huge potential of this untapped demographic with expendable income,” said Brett Wright, Co-Founder and Chief Creative Officer of UPTOWN magazine. “InterMedia’s Partners, LP funding will allow us to accelerate growth and be the leader in the category of Affluent African American consumers.”
Peter Kern, Managing Partner of InterMedia said, "Co-founders Len Burnett and Brett Wright have built a terrific brand focused on the fast growing yet underserved upscale African American audience. We expect that our investment and experience will allow them to expand and better serve that audience and its advertisers."
UPTOWN magazine aims to fill the void of a media entity that speaks to the AAA consumer. This consumer demographic represents 1.8 million families with an annual income of $65,000 or more and an aggregate buying power of over $290 billion. In addition 85% of the market lives in urban centers around the top 20 metropolitan areas. For some marketers this audience is under the radar but for UPTOWN it is our sweet spot and an audience we will deliver for luxury products, goods and services. “This access to our audience for our marketing partners marks an unprecedented level of engagement and the launch of Uptown 360 a full service reach opportunity for luxury brands,” says Len Burnett, Co-Founder and Group Publisher.
The magazine has featured some of the most prominent African American personalities in the country including Denzel Washington, Spike Lee, Tyra Banks and Alicia Keys. The magazine focuses its editorial content on fashion, entertainment, travel, electronics, auto, food and libation from a luxury lifestyle perspective.
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Published 5 times a year, UPTOWN embodies the sophisticated Urban lifestyle by chronicling and celebrating the most influential African American power players, style makers and the luxury life style they lead. A national luxury lifestyle magazine with regional overlays in New York, Chicago, Atlanta and DC, UPTOWN provides an insiders look into the worlds of entertainment, home, fashion, culture, nightlife and much more. Uptown features regular features on fashion, entertainment, home, business, travel and the people that make this culture special.
About InterMedia Partners, LP:
InterMedia Partners, LP is a private equity investment firm that makes investments in media companies. Currently investing its seventh fund, InterMedia is focused on media content catering to underserved audiences.
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