By Kevin McCauley
Oakley Capital is spending $23M for a 66 percent stake in Time Out New York, the entertainment and listings magazine that was launched in 1995. Its website attracts 1M visitors per month.
The deal gives Oakley rights to the Time Out brand in the U.S. (excluding Chicago), Canada Mexico, Central America and the Caribbean.
Peter Dubens, director of Oakley, says the investment firm plans to “build an entirely, new scalable digital transaction platform” to provide readers a “complete customer experience,” according to the Financial Times. He is looking to unveil Time Out editions in 50 cities by 2013.
Oakley purchased a 50 percent stake in Time Out London for $18M in November. That magazine is expected to benefit as the official travel guide of the 2012 London Olympics.
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