Time Out stake sale for digital voyage
The founder of Time Out magazine has sold a 50 per cent stake to private equity to help fund online and digital expansion.
Tony Elliott, who launched the magazine and travel guide 42 years ago, struck a deal with Oakley Capital Investments, said to value Time Out at around 20m.
The stake sale will allow Time Out to step up its move into online guides.
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Hide AdMr Elliott, who has been looking for an investor for seven years, said he hoped the deal would help begin "a hugely successful worldwide digital journey".