As talks for new investors to buy Dennis Publishing near a conclusion, private equity firms continue to snap up other media companies. The latest player is Clarity Partners, which has acquired a controlling interest in Modern Luxury Media, publisher of upscale city magazines including Angeleno, CS (Chicago Social) and The Atlantan for around $250 million. Clarity has a portfolio of media properties, including entertainment company Village Roadshow and Oxygen Media. It purchased its stake from the Roy E. Disney-founded Shamrock Capital, which bought into the publisher in 2004 for about $50 million. Modern Luxury had been on the block for seven months and attracted 30 potential buyers. It plans to use the cash to expand to new markets through more acquisitions. The most recent one was San Francisco magazine, which it bought in 2005 and redesigned from a city magazine to an oversize luxury title. Since 2004, the company has expanded from three magazines in three markets to 25 titles in 12 markets. Michael Kong, founder and chief executive officer, said Modern Luxury plans to tap 20 markets in the next five years. In September, the company will launch Miami magazine. — Stephanie D. Smith