Uptown Magazine looks to expansion with InterMedia Partners investment

(December 31, 2007) Uptown Magazine has announced that it has received an investment from InterMedia Partners, a media private equity firm, in the newly formed Uptown Media Group, LLC, parent company to the publication. The New York-based lifestyle magazine for the affluent African American consumer did not disclose the details of the deal.

The funding will allow Uptown to significantly expand its business with the addition of four markets in 2008, publishing bi-monthly in 2009 and growing to 10 markets by 2011. The capital funding will increase human resource efforts in critical departments such as sales, marketing, editorial, circulation and on-line.
 
Plans call for Uptown’s circulation base to grow to 125,000 readers in 2008 and increase to 300,000 by 2010. The five-times-a-year magazine has already tested editions in Chicago and will add Atlanta and Washington, D.C. as part of its expansion. An application to be ABC audited has been submitted for the second half of 2008.

Uptown launched its web site, www.uptownlife.net in November 2007 to reflect the culture of the company’s target audience, affluent African Americans. One of the site’s features will be UPTOWNSOCIAL a weekly invitation only newsletter and guide to luxury living.

“We are excited that InterMedia Partners 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 funding will allow us to accelerate growth and dominate 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."
 
“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. 




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