Tech investor acquires Seattle magazine from Tiger Oak Media

Tech investor Jonathan Sposato, is believed to be paying over $1 million to take over Seattle magazine from the publisher Tiger Oak Media, which is operating under Chapter 11 bankruptcy.

Sposato declined to disclose an exact amount and Craig Bednar, the CEO of Tiger Oak did not return calls or emails.

Sposato told Media Ink he did not plan any layoffs but wanted to make a seven-figure investment to build up the digital side of the magazine. He pledged to continue to publish a monthly print edition.

Sposato is an angel investor and is currently the chairman of two companies, Geekwire and PicMonkey, an online photo editing service. He earlier sold two companies to Google.

“We’ll invest heavily in digital,” Sposato told Media Ink. “We live in a town that consumes most of its information in digital form.

But Sposato, who authored the best-selling book “Better Together” said he still believes in print as an important part of the mix. “I still live in a world where people want to curl up with a nice, beautiful magazine if it’s done right,” he said.

He said he plans no layoffs. “I want to keep people. They’ve been very loyal and are working very hard. I’m not letting anybody go.”

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