AUSTRALIAN TIME OUT MAGAZINE PUBLISHER SELLS MAJORITY STAKE
July 31st 2009 03:11
The print version of Time Out magazine, which has become a worldwide franchise, is facing difficulties in many countries because as an entertainment guide the print format is eclipsed by online guides which can produce material that is much more up to date, virtually in real time.
In Sydney the owners of Time Out Sydney have sold a majority stake in the company to Intermedia Group, the publisher of Inside Film and various other B2B titles.
Time Out’s Australian franchise is owned by Print and Digital Publishing. Time Out Sydney launched in 2007 as a weekly title, before moving to a fortnightly and then monthly frequency. However, during that time, traffic to its website has grown significantly to around 135,000 visitors per month.
Print and Digital Publishing will remain an independent company with the same team running Time Out.
One reason for the Aussie deal is to help fund a push into other cities, with Melbourne website scheduled for launch before Christmas, and a print version to follow.
The company is also launching a New Zealand version, starting with a guide to Wellington for Sydneysiders which hits the shelves shortly.
In Sydney the owners of Time Out Sydney have sold a majority stake in the company to Intermedia Group, the publisher of Inside Film and various other B2B titles.
Time Out’s Australian franchise is owned by Print and Digital Publishing. Time Out Sydney launched in 2007 as a weekly title, before moving to a fortnightly and then monthly frequency. However, during that time, traffic to its website has grown significantly to around 135,000 visitors per month.
One reason for the Aussie deal is to help fund a push into other cities, with Melbourne website scheduled for launch before Christmas, and a print version to follow.
The company is also launching a New Zealand version, starting with a guide to Wellington for Sydneysiders which hits the shelves shortly.
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