Former BP chief Lord Browne invests in gay news website

Lord Browne has become one of the largest investors in a gay news website, with the aim of promoting greater coverage of business issues.

The former BP chief executive — who hid his homosexuality for decades before leaving the oil group in 2007 — has invested a “five-figure sum” in Gay Star News, which has 5m unique visitors a month.

“When I wrote The Glass Closet, I always hoped that it would grow into something more than just a book,” said Lord Browne, referring to his book about homophobia in corporate life. “Gay Star News provides the perfect platform for that growth.”

The site, which launched three years ago, has sought to take a global approach to gay, lesbian, bisexual and transgender issues. It has drawn advertising from brands including Lufthansa and Barclays.

Tris Reid-Smith, a co-founder who is a former editor of the Pink Paper, a defunct gay and lesbian newspaper in the UK, said: “There are times when we have been the first on big international stories — like gay marriage in this place or that place.”

Gay Star News employs 10 full-time staff, mostly in London, and is planning to open a New York office. Lord Browne, with a 12.5 per cent stake, will be the fourth-largest shareholder. A number of other seed investors are straight.

“People care about this regardless of sexuality and it shows they think there’s a commercial potential,” said Mr Reid-Smith.

Gay Star News’s recent articles include reports on President Barack Obama’s views on gay marriage, and on an assault on a gay men in Ghana.