The Philadelphia Citizen has officially completed its purchase of Philadelphia Magazine, writes Zoe Greenberg for The Philadelphia Inquirer.
As a result of the acquisition, some changes will occur while others will remain.
For instance, Philadelphia Magazine will continue to publish in both print and online. However, it will now operate as a nonprofit.
While there are no layoffs planned for its journalists, eight shared services employees on their advertising and marketing teams will be laid off, as well as the full-time fact checker.
Larry Platt, co-founder of The Philadelphia Citizen will serve as president and CEO of the new umbrella organization that will oversee both Philadelphia Magazine and The Citizen, called Citizen Media Group.
David Lipson, whose family had owned Philly Mag since 1946 when his grandfather bought it, spoke on why he agreed to the sale.
“It’s been a long run,” Lipson said. “What I like about the Citizen is their mission. They’re seeking solutions to problems that hold the city back.”
The Citizen’s executive director Roxanne Patel Shepelavy will oversee both publications.
Together with Platt, the two plan to redesign Philly Mag‘s print magazine and website, increase its social media presence, and launch a daily podcast.
Meanwhile, the belief is the nonprofit model will allow the organization is grow revenue in different ways.
Read more about The Philadelphia Citizen’s acquisition of Philadelphia Magazine in The Philadelphia Inquirer.
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