The Philadelphia Citizen investors are actively at work to buy Philadelphia Magazine, write Ryan W. Briggs and Zoe Greenberg for The Philadelphia Inquirer.
These negotiations have been ongoing for more than a year.
Venture capitalist Richard Vague and FS Investments CEO Michael Forman are leading the financing efforts toward to acquisition, according to various sources.
While Philadelphia Citizen co-founder Larry Platt hasn’t spoken directly about the talks, he said, “We’re always interested in talking about ways to grow the Citizen and further the mission to constructively impact the city and region.”
Furthermore, supporters are looking to recruit other investors in hopes of forming a new media group that would place both publications under an umbrella.
Platt previously worked as Philadelphia Magazine‘s editor before later working at the Philadelphia Daily News. Other Philadelphia Citizen staff members also previously worked the Philly Mag.
He sees a synergy between the two publications’ missions and believes a potential partnership would do positive things for the local media ecosystem.
Read more about the potential merger between two prominent Philly media publications at The Philadelphia Inquirer.
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