Time Out has sold a 50 percent stake to Oakley Capital Investments, a Bermudan based company listed on AIM, for £10 million.
Time Out founder and chairman Tony Elliott said: “I have considered many potential investors over the last seven years to help the brand with the next phase of development and I believe that Oakley Capital, with its entrepreneurial operational focus, will help us with this. I genuinely believe that I have found a real partner for what I expect to be a hugely successful worldwide digital journey.”
Peter Dubens, director of Oakley Capital Investments, said: “It is very rare to be able to help with such a renowned, iconic brand as Time Out, which over the last 42 years has provided first class editorial on culture and entertainment to over 50 cities around the world. We believe that we will help this brand both in its traditional media and the continued transition to digital over the coming years.”
Time out was launched by Tony Elliot 42 years ago. It now has 36 city magazines published independently in 24 countries, 22 travel magazines in 19 countries, guide books, events and an online presence. Time Out is to be the official book publisher of travel guides and photographic books for London 2012 Olympic and paralympic games. Online-only advertiser-funded magazines are to be launched around the world. Berlin, Barcelona and Paris are tipped to be the first cities to benefit from the development.
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