Independence Media president and CEO James McDonald said the investment would allow his company to increase circulation for Region’s Business, as well as rebuild the publication’s Web presence and expand its market in Philadelphia and beyond.
“We’re excited to have access to Mr. Perelman’s business acumen and experience, which we know will be valuable to us as we build upon our initial success,” Mr. McDonald said. “We’ve been overwhelmed at the reader and advertiser response to our product since we launched and are more confident than ever about our plans for growth and expansion.”
Region’s Business is a weekly news magazine focused on business and politics in the Philadelphia area that began publishing in August. The RegionsBusiness.com website launched around the same time and Mr. McDonald said the process to revamp the website is already underway.
Mr. Perelman has long expressed an interest in the print industry and was one of several suitors for the parent company of The Philadelphia Inquirer during its most recent sale.
Mr. Perelman is a trustee at the University of Pennsylvania Health System. Penn’s medical school is named after him and his wife, Ruth, after the couple donated $225 million last year.
“I look at it as Penn Medicine gave me a gift,” The New York Times quoted Mr. Perelman as saying. “They offered me an opportunity to have my name on one of the best medical schools in the country.”
Upon Mrs. Perelman’s death last year, The Philadelphia Inquirer noted some of the couples other major donation, including “$6 million for the Perelman Theater at the Kimmel Center, $15 million for the Perelman Building at the Philadelphia Museum of Art and $3 million for the Perelman Jewish Day School.”
Mr. Perelman remains engaged in litigation with his youngest son, Jeffrey, regarding the transfer of businesses to the younger Perelman.
Last year, Forbes magazine listed Mr. Perelman’s oldest son, Ronald, as the 69th richest person in the world and the 26th richest American with a net worth of $12 billion.
Forbes featured an interview with Mr. Perelman and his elder son last year.
“Well, we’re alike; we both have fires in our belly. We both won’t quit, you know?” the magazine quoted Mr. Perelman as saying. “At 94 I’m buying a company. What’s my window? If I have five years it’s a lot. I’ll be 99. Until I get there I’m acting like I’m 50. And he has that fire in his belly. He ain’t gonna quit. And I ain’t gonna quit.”