Time Out to Focus on Global Digital Growth Following 50% Stake Sell to Oakley
The Time Out magazine owned by Listings has sold a 50% stake in their company to British private equity group Oakley Capital Investments. The strategic move effectively clears Time Out's estimated debts of £10m so that can focus on international digital expansion.
Tony Elliott, Founder of Time Out, explained the action was necessary to expand their digital presence successfully. He commented, "I believe Oakley Capital, with its entrepreneurial operational focus, will help us with this. I genuinely believe I have found a partner for what I expect to be a hugely successful worldwide digital journey."
Time Out already has a multi-channel presence across print, online and mobile. It reports to have an annual global readership of more than 17m across all channels, and 7.5m unique users, 2m of which are London based. According to recent ABC figures however, its print circulation has seen a large drop during the economic downturn.
Director of Oakley, Peter Dubens, said, "It's 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 more than 50 cities around the world. We believe we'll help this brand both in its traditional media and the continued transition to digital over the coming years."