Leo Hindery's InterMedia Partners added to its African-American focused media portfolio by buying the assets of Vibe magazine and Vibe.com.
InterMedia, and its portfolio company Uptown Media Group, plan to relaunch the print magazine as a quarterly publication, starting with a November/December issue. The former monthly folded recently. The Web site Vibe.com will relaunch immediately, InterMedia said, and "will be the centerpiece of the new venture," according to a release.
Purchase terms were not disclosed. The seller was a bank that foreclosed on the assets from Wicks Capital.
InterMedia bought the rights to former TV stalwart Soul Train from Don Cornelius last month, with plans to relaunch it this fall, and is expanding Uptown Magazine, it noted. Vibe was a music magazine that became more of a hip-hop lifestyle publication, and is going to return its focus to broader music genres, and Uptown is more of an upscale title.
Vibe's new leadership will include original Vibe team members Robert Miller and Leonard Burnett; Uptown Magazine co-founder Brett Wright and Blackrock Digital partners Chris Smith and Parker McNaughton. This group will be responsible for the re-launch of the Vibe brand and businesses.
Blackrock Digital will oversee integrated sponsorship and ad sales across Vibe and Uptown Magazine properties and brands.
Hindery, the longtime former cable executive, and Peter Kern are InterMedia's managing partners. Other portfolio assets include Gospel Music Channel, Sportsman Channel and CineLatino.