Paper Magazine Sold to Tom Florio’s New Media Group
NEW YORK, United States — Paper Communications co-founders and co-chief executives Kim Hastreiter and David Hershkovits, who founded Paper Magazine in 1984 and grew it into an influential arbiter of pop culture and fashion, have sold the company to a newly formed media group founded by Tom Florio, Condé Nast publishing veteran and former chief executive of Advanstar Fashion Group, and Drew Elliott, Paper’s chief creative officer, with strategic partner XRM Media.
The terms of the deal signed on Tuesday, and expected to close in the next couple of weeks, were not disclosed. Hastreiter and Hershkovits’s roles in the future of the company have yet to be determined.
This acquisition not only bets on Paper's cultural influence but also on the digital savvy of Elliott — who started his career at Paper and returned in 2014, the same year the magazine released its instantly famous Kim Kardashian “break the internet” issue — and on the big media credentials of Florio, the former publishing director of Vogue and Bon Appétit, among other titles.