that Radio One
is buying Giant
, an urban lifestyle publication.
Giant, launched in 2004 as an entertainment magazine for 20-something men, was re-launched under new editor Smokey Fontaine last year as a lifestyle and music magazine targeting urban readers. Recent covers have included Beyonce, Janet Jackson and Sean Combs. Fontaine will now be chief executive of Giant and gets an undisclosed financial stake in the magazine.
"For a limited amount of capital, we have now established a presence in the print media world and should be able to leverage our other media assets in various ways to increase the likelihood of success in what is unquestionably a challenging, but important business," says Radio One CEO Alfred Liggins.
Radio One is now calling itself the urban media specialists instead of the urban radio specialists now that they own Giant
. Radio One paid $270,000 for Giant
. The publication's staff will remain in New York City.