Independent media company Solstice Media has acquired a major shareholding in Australian Traveller Media, publisher of Australian and International Traveller magazines and digital titles.
The investment will give Solstice Media an immediate 80% stake in the company, which will continue to operate as a separate business. The remaining 20% will be purchased over time.
Commercial details of the deal haven't been released.
Australian Traveller magazine was established by Quentin Long and Nigel Herbert more than 20 years ago. The company has a combined print, digital and social audience of three million per quarter.
"In those categories, we started by looking for companies and products who have shared values with Solstice - based on independence and quality journalism," said Solstice managing director Paul Hamra.
Solstice Media has its origins in Adelaide with a digital daily news publication 21 years ago, called InDaily.
It recently acquired the national New Daily digital news from Industry Superfunds and has also branched into Queensland with InDaily Queensland.
In 2018, it purchased SALIFE Magazine from Canongate Partners and earlier this year purchased the 7am podcast from Schwartz Media.
Hamra said the company had been looking to broaden and grow its offering of categories and types of media products for its existing news audience of more than two million readers around the country.
"Travel is still a very strong category among every demographic - with audiences seeking out not only information about where to travel but also what to do around their own locations," Hamra said.
Australian Traveller Media co-founder Long said from launch in 2005 he and Herbert had a strict criteria for any potential partner.
"They had to be great for all stakeholders which we defined as our readers, our staff, our advertisers and all shareholders. Solstice Media met all these criteria and then some," Long said.
"Having worked together for 12 months we were able to establish the important alignment of values which was a bonus. It may be a cliché but it is truly (a) goldilocks deal for us and Solstice.”
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