Sarasota Magazine has been bought by a local company headquartered in the Rosemary District

Sarasota Magazine has been sold to a local company headquartered in the Rosemary District, according to a news release.

"We are thrilled to welcome Sarasota Magazine into the DreamLarge family and more significantly bring it home to Sarasota," said Anand Pallegar, CEO of DreamLarge. "As a company deeply rooted in the values of community, creativity and social responsibility, we see tremendous potential in this partnership to amplify the voices of Sarasota and empower them to shape the future of their city."

The purchase price for DreamLarge to acquire Sarasota Magazine was not disclosed.

DreamLarge has been a active community-engagement company that's done work for several organizations around Sarasota, including The Bay Park and the city of Sarasota. DreamLarge also has received a designation as the first "B Corp" or benefit corporation on the Gulfcoast.

The company's culture has a focus on public service, social responsibility and being a "force for good."

"Through our values-driven approach, we work to serve our community and inspire a new generation of businesses to dream big and act with purpose," the company's website reads.

Pallengar said a benefit corporation is a company that focuses its purpose on benefiting the community, a designation he said comes from state officials.

Sarasota Magazine was founded in 1979 with a focus on coverage of the area's "arts, dining, real estate, style, trends, philanthropy" and other topics.

The news release notes the acquisition as a milestone for both companies with DreamLarge broadening its presence in Sarasota and the magazine "poised for a new era of growth and innovation.

"Cooper Levey-Baker, editor in chief of Sarasota Magazine, said in a prepared statement: "This partnership aligns with our mission to inform, inspire and celebrate Sarasota, and we plan to continue to serve our readers with the same dedication and passion they have come to expect from us since our founding in 1979. We are thrilled to be entering this new era, and look forward to continuing to deliver exceptional storytelling and design for another 45 years — and beyond."

The news release on the acquisition said the magazine will operate independently.

Sarasota Magazine had previously been owned by SagaCity Media.