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Media
Time Out publisher sells 50% share in title
By CMU Editorial | Published on Friday 26 November 2010
Time Out publisher Tony Elliott yesterday sold half of the London listings magazine to a venture capital firm called Oakley Capital.
Although it’s not known how much money the investment outfit will hand over as part of the deal, The Guardian says it will help the struggling magazine pay off £10 million in debts, a portion of which were to Elliot himself, who has provided new financial backing for the media firm of late, partly by remortgaging his home.
Time Out has been struggling for the best part of a decade now as weekend newspapers stepped up their listings, and other readers started to gravitate to net-based services.
The company has been dabbling with difference approaches, most recently expanding the amount of content available for free online. There have also been repeated rumours the printed magazine might go free or launch a free lite edition, though said rumours have never come to much.
Elliot, who will remain as Chairman of the Time Out company, says he is happy that his new business partners will provide the security required to safeguard the title’s future while it finds and nurtures new business models.
