November 8, 2017 Last Updated 8:24 am

Paper Magazine to be sold to new group led by the former head of Advanstar Fashion Group

The new company said it wants to expand the reach of the brand, possibly through additional acquisitions — not just through websites and magazines, ‘it’s going to be in entertainment and across all screens,’ said chief creative officer Drew Elliott

The co-founder of Paper Communications David Hershkovits confirmed today that Paper Magazine will be sold to a new group founded by the former CEO of Advanstar Fashion Group, Tom Florio, and Paper’s chief creative officer Drew Elliott.

“It has not been sold as yet,” Hershkovits told TNM. “A purchase agreement has been signed. It is expected to close later this month.”

According to Business of Fashion, which first reported the sale, the magazine has struggled, and so the goal now is to expand the reach of the brand. “I always wanted Paper’s vision and what Kim and David have built to be seen by so many more people,” Elliott said.

Florio and Elliot will have the backing of strategic partner XRM Media, with the goal of acquiring more “like-minded media companies.”

And, of course, the plan is to ‘pivot to video.’

“We will convert readers to viewers and that’s really the important thing. I really want to break down this idea that we need to report on culture; I want to create culture. It’s not just going to be on websites and in magazines, it’s going to be in entertainment and across all screens,” said Elliott.

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