oOh!media has sold its youth-orientated digital publishing business Junkee Media to the RACAT Group.
Junkee Media joins a portfolio of publishing, production and digital assets including Australian Geographic, game developer and publisher Runaway Play as well as Northern Pictures, the production company behind TV shows such as Love on the Spectrum, Hardball and Lukewarm Sex.
oOh!media's decision to divest Junkee Media follows a strategic review, ordered by new CEO Cathy O’Connor, which decided to focus on the core business of out-of-home.
Commercial terms have not been revealed. Previous reports put the sale value at $7 million.
The outdoor media company bought Junkee in 2016, paying $11.05 million for 85% of the youth publisher with a right to acquire the remaining 15% of shares.
oOh! will retain branded content and production arm Junkee Studio, which will be relaunched as a part of a new creative proposition in early 2022.
Junkee Media’s editorial, sales and implementation teams will move across to RACAT.
Junkee Media will be headed at RACAT by experienced media entrepreneur Piers Grove.
“It will be a huge thrill and responsibility to lead Junkee in the months and years to come,” Grove says.
“Our mission at RACAT is to own and operate media companies that in one way or another add something to our world and Junkee does exactly that. We are huge fans of Junkee’s brands, its loyal audiences and the huge array of content it delivers every day. We value the exceptional team that make Junkee the go-to news and entertainment source for millions of young Australians every month.”
David Haslingden, executive director of RACAT: “Junkee is a business we are excited to invest in growing and expanding to meet its audience in new and responsive ways. We are grateful to oOh!, Neil Ackland and the entire team for the opportunity to take this exciting brand into the future.”
Neil Ackland, chief content, marketing and creative officer at oOh!: “As a co-founder of Junkee it was critically important we found the right business that is aligned to its core values. I know that RACAT will be a wonderful home for the team and I’m excited to watch them and Piers take it to new heights.
"My journey with Junkee now comes to an end as I continue with oOh! and I want to thank the brilliant Junkee team for their outstanding work and wish them and RACAT every success in the future.”
Jacanda Capital was the lead adviser to oOh!media.
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