Philadelphia Magazine sold to The Philadelphia Citizen, transitioning to nonprofit status.
The recent acquisition of Philadelphia Magazine by the Philadelphia Citizen marks a significant shift in the landscape of local media. This deal, finalized on a Friday in early November 2023, concludes months of speculation regarding the fate of the 117-year-old publication, previously held by the Lipson family since its purchase in 1946.
Founded in 2015, the Philadelphia Citizen is a nonprofit digital news organization focused on civic engagement. Larry Platt, who co-founded the Philadelphia Citizen and previously served as editor of Philadelphia Magazine, will assume the role of president and CEO of the newly formed Citizen Media Group, which will oversee both the magazine and the Citizen.
Under the nonprofit model, the magazine will continue its dual format of print and online publication. However, personnel changes are on the horizon. While no layoffs are anticipated among the journalistic staff, eight shared-services employees in advertising and marketing will see their positions eliminated, alongside one full-time fact checker. The exact financial details surrounding the sale were not disclosed by either Platt or David Lipson, who previously led the magazine’s operations.
The transition reflects shifting priorities at Philadelphia Magazine, which has historically catered to a specific demographic—a description that includes affluent readers often referred to as “Main Line matrons.” Moving forward, the new leadership aims to recalibrate the magazine’s focus. Immediate organizational changes include elevating freelance editor Christine Speer Lejeune to the role of editor, with plans for additional hires to bolster editorial efforts.
The Citizen Media Group leadership has expressed intentions to revitalize the magazine through a redesign of both its print and web platforms, a bolstered social media presence, and the introduction of a daily podcast. Platt emphasized the nonprofit model’s potential to facilitate experimentation and invite new voices without necessarily requiring an expansion of full-time staff.
This acquisition was financially supported by a consortium led by venture capitalist Richard Vague and Future Standard CEO Michael Forman, with oversight from former Comcast CEO David L. Cohen as board chair. As the media landscape continues to evolve, the merger between these two entities, which began discussions approximately 16 months prior, represents a strategic response to the challenges facing print journalism in contemporary society.
With Lipson retaining a non-voting position on the Citizen Media Group board, both he and Platt appear optimistic about the future. This acquisition not only positions Philadelphia Magazine within a nonprofit framework but also seeks to address various local challenges through dedicated public engagement and journalistic integrity. The potential for innovative growth within this new model may serve to reinvigorate local journalism in Philadelphia and beyond.
