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A version of this story first appeared in the Aug. 14 issue of The Hollywood Reporter magazine. To receive the magazine, click here to subscribe.
Fangirls, rejoice. One of the new owners of Tiger Beat magazine is none other than Justin Bieber‘s manager, Scooter Braun. Sources say Braun is one of 17 investors who scooped up the 50-year-old magazine for $2 million with plans to overhaul it. But unlike other investors, who include Nick Cannon, Steve Tisch and NBA star Kevin Durant, Braun has kept his involvement hush-hush, perhaps to prevent becoming a Tiger Beat-Bieber punch line.
Mark Patricof, a CAA alum and Wall Street money whisperer behind a number of splashy Hollywood deals, is said to have pulled together the investment group, which also includes Fast & Furious producer Neal Moritz.
It is unclear if Tiger Beat can expand beyond its teeny-bob trappings, but the plans are ambitious and include everything from T-shirts to a Tiger Beat-branded music tour.
Alas, subscribers will have to wait for a Bieber cover. The September issue, the first under the new ownership, won’t contain a centerfold of Bieber and his abs. However, Ariana Grande, whom Braun also manages, is one of the faces on the cover. Braun’s rep did not respond to a request for comment.
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