Josh Simons. Credit: Vinyl Group
Vinyl Group has added Time Out Australia to its growing stable of media brands, acquiring the business for nominal consideration from Time Out Group in the UK, with the deal due to close June 24.
The acquisition follows Vinyl's purchase of Pedestrian Group from Nine Digital, announced yesterday, and signals an aggressive push by the company to consolidate premium digital media assets.
To fund integration, Vinyl has completed a $2.4 million placement at $0.054 per share, a 10% discount to its last closing price.
Josh Simons, Vinyl Group CEO, said the deal brings one of the world's most iconic culture brands into the fold.
"Time Out strengthens our position at the intersection of content and real-world experiences, and expands our reach into high-value audiences across Australia,” Simons said.
It is another important step in building a scaled, premium publishing platform.”
Time Out Australia sits alongside Concrete Playground, BuzzFeed, Rolling Stone AU/NZ and Mediaweek in the Vinyl portfolio, pushing the group's combined internet audience to approximately 55% of Australians, up from 53% after Pedestrian, according to Ipsos iris data.
The business is profitable and expected to contribute positively to Vinyl's EBITDA in FY27.
Under the franchise agreement, Time Out's UK parent retains an ongoing revenue royalty and annual minimum guarantees, with an initial five-year term.
Rob Biagioni, CEO of Time Out Media, said Vinyl's track record made it the right home for the brand.
"Vinyl has a strong track record of growing premium media brands and connecting audiences with real-world experiences, making them the ideal partner for Time Out in Australia," Biagioni said.
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