Time Out to pursue America’s expansion
Owners of the listings magazine Time Out have secured a £21.5m deal to take a controlling stake in international rights holder Time Out New York.
The stake will give Oakley Capital, a private equity firm with a 50% stake in Time Out, with a controlling stake in the listings brand across North and South America.
Oakley are teaming up with Clark Estates and the Louis-Dreyfus family in the venture, all of whom are existing investors.
Thus far only New York, Chicago, LA, San Francisco and Sao Paulo versions of the magazine have been launched but the new geographic reach gives the new owners opportunity to expand the format into 50 cities.