Los Angeles Business Journal
The parent corporation of Beverly Hills-based magazine "L.A. Confidential" has merged with two similar companies to create a portfolio of 16 upscale city publications.
Niche Media, owner of "Confidential," will combine with Nevada-based Greenspun Media Group and Ocean Drive Media Group in Florida. The unified operation will distribute more than 750,000 copies of its publications and produce more than 24,000 pages per year. With an average of 5.9 readers per copy, the titles will reach more than 4.4 million readers.
All the publications will follow a controlled circulation strategy targeting wealthy households.
"Through quantitative and qualitative analysis, advertisers are assured that the majority of Niche Media readers maintain at least $250,000 annual household incomes, own homes valued at more than $1 million, and have liquid assets in excess of $1 million," according to the company.
"We provide our advertising and marketing partners with a powerful and proven luxury magazine portfolio," said Jason Binn, publisher of L.A. Confidential and chief executive officer at Niche Media.
Although technically a merger, the conglomerate will carry the name of Niche Media. The new company will have 300 employees.
Besides "Confidential," Niche Media currently owns "Aspen Peak," "Boston Common," "Capitol File," "Gotham" and "Hamptons." Greenspun Media brings "Vegas" and the casino titles "Venetian Style" and "Wynn." Ocean Drive has "Atlanta Peach," "Bal Harbour," "Ocean Drive," "Ocean Drive Español" and "Florida InsideOut."
In addition to magazines, the new Niche Media will reach consumers in all 16 markets through hundreds of events, including fashion shows, parties and dinners.
The merger will give the magazines better access to national consumer advertisers. It also will "enable our media group to enter new markets more effectively in the United States and internationally, including Asia and Europe," said Greenspun Media Group President Michael Carr.
By Joel Russell