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Time Out founder Tony Elliott has sold half his stake in the business to the private equity fund Oakley Capital Investments in a deal thought to be worth around £10m.
The private equity fund now owns 50% of Time Out, which encompasses both the magazine and publishing arms. Oakley said it would "provide financial and strategic support for the continued growth of the Time Out brand across all channels".
Time Out founder and chairman Tony Elliott said: "I have considered many potential investors over the last seven years to help the brand with the next phase of development and I believe that Oakley Capital, with its entrepreneurial operational focus, will help us with this. I genuinely believe that I have found a real partner for what I expect to be a hugely successful worldwide digital journey."
Peter Dubens, director of Oakley Capital Investments, said: "It is very rare to be able to help with such a renowned, iconic brand as Time Out, which over the last 42 years has provided first class editorial on culture and entertainment to over 50 cities around the world. We believe that we will help this brand both in its traditional media and the continued transition to digital over the coming years."