News

The Fund acquires stake in Time Out

Oakley Capital Investments’ (OCIL) the Fund has acquired a majority stake in Time Out New York, to create a global digital media group.

The deal will enhance the Fund’s previous investment in Time Out London, which was announced last November, to create a global digital media group, the Time Out Group. The deal is hoped to grow the brand’s reach, expand Time Out Group’s digital strategy and mobile content offering. The Fund now holds 65.7% of Time Out New York.

Time Out is present in 35 cities worldwide, with an audience of around 16 million across print and digital. Its websites have more than 7 million global unique users per month with more than 32 million page views in April.

Tony Elliot, chairman and founder, Time Out, said: “Our vision for the future of Time Out is to extend our online dimensions and by doing so accelerate from magazine publisher to digital media group.”

The Time Out Group is planning continued international expansion into new territories.

“Time Out plans to be locally relevant in more than 50 cities around the world with an audience of over 50 million people across the world, receiving content in the way they want it,” added David King, chief executive, Time Out.

Jenni Baker, London