Iconic magazine group Time Out New York has been acquired by private equity firm Oakley Capital in a move that gives it control of the global Time Out brand.
AIM-listed Oakley has bought a controlling 65.7 per cent stake in the company, following its acquisition of UK sister group Time Out London last November as it creates a single global group.
It has paid £14.2m for the Time Out NY stake, with £9.1m in the form of equity finance and £51.m in debt and mezzanine financing.
When combined with the £11.3m invested in Time Out London last year, Oakley has paid a total £25.5m.
The two takeovers gives Oakley the worldwide rights to the Time Out brand, and it has now set out plans to bring the two operations close and focus it on digital media.
It is planning further global expansion into cities such as Paris, Berlin, and US cities Boston, Miami and Los Angeles.
But it is also planning to invest in a single multi-channel online platform powered by a central content database and transaction engine, it said.
“The acquisition of Time Out New York gives the Fund a fantastic opportunity to consolidate the Time Out Group’s position,” said Oakley Capital director Peter Dubens.
“The next 24 months will see the company build an entirely new, highly scalable digital transaction platform.”