Pride Media Raises New Equity Investment

UNITED STATES


LOS ANGELES, June 07, 2019 (GLOBE NEWSWIRE) -- Pride Media, the leading voice of the LGBTQ community, today announced it has obtained new funding from its existing investor base. The corporation plans to use the new funding for its continued growth and to clear up aging payables due to its freelancer and traffic partners.

“It’s imperative that we pride ourselves on being good citizens of the community and apologize for the delays that late payments may have caused some of our stakeholders. We made several bad decisions over the past year and found ourselves out of sync with some of our partners, vendors and collaborators.” Adam Levin, Chairman of Pride Media stated. “In an effort to correct this, and in celebration of Pride month, we’re pleased to announce this financing from new and existing investors.”

Pride Media has seen excessive growth over the past year, and previous management may have overlooked certain working capital needs. These issues can affect businesses of all sizes, but in this case it’s a sign of the organization's cultural significance, especially during a time of increased attention on the space. The company’s sales are up 43% year over year, and has seen over 37% in traffic growth across its properties (according to Google Analytics).

“Our partners and shareholders have been extremely supportive of our company’s mission, values, and growth. Although some past errors may’ve hampered our growth temporarily, we’re heads down and focused on the future as we continue to build upon the history of these brands” Levin continued.

“The media business these days is trying, but it’s an integral component to the freedom we enjoy today. While it’s not always fun or easy, it’s important to stand by your word, and protect your community. We’ve always been proponents of this movement, and stood by our peers, but it’s not enough to lead - you must set an example. We’re pleased that our freelancers will be taken care of, and we look forward to continuing to build a bigger and brighter future,” Orlando Reece, Interim CEO of Pride Media stated.

# # #

About Pride

Pride Media is the largest publisher of LGBTQ content in the world., including OUT, The Advocate, Out Traveler, Plus, CHILL and PRIDE. With over 50 years of award-winning editorial spanning digital, print, social and experiential, our content shapes the LGBTQ landscape—serving as the go-to destination for our audience across entertainment, news & politics, LGBTQ rights, travel, wellness, finance food & spirits and fashion. By covering every aspect of the LGBTQ experience, Pride Media’s brands use the power of words to inspire the full spectrum of lesbian, gay, bisexual, transgender and queer people to live life with pride.

Contact:
jon@orevacapital.com