Vinyl Group to Acquire Mediaweek
Vinyl Group further expands with the acquisition of Mediaweek, the leading Australia trade publication for the media, marketing and advertising industries.
In a statement issued Tuesday, Aug. 13 to the Australian Securities Exchange, Vinyl Group has executed a binding heads of agreement to acquire Mediaweek from Chattr Pty Ltd in a cash and stock deal valued at $1 million (50% cash, 50% scrip).
Upon completion, several Mediaweek employees will join Vinyl Group, though its current owner Trent Thomas will remain with Chattr Pty Ltd and the Chattr website, the assets of which are not part of the deal.
Founded in 1990, Mediaweek is renowned for its reporting on the broader media industry, and for its annual branded awards ceremonies, Mediaweek100 and the Next of the Best Awards.
The business boasts monthly average readership of 300,000 unique visitors. Unaudited revenues for the 2024 financial year came to $2.2 million, reads the statement, with a proforma profit of at least $350,000 as Mediaweek shares costs across Thomas’ Chattr platform costs.
According to Tuesday’s statement, Vinyl Group expects “to realise further and immediate profits through its integration efforts and synergies from existing capabilities within the company.”
The development follows Vinyl Group’s eye-catching purchase of The Brag Media, announced in December 2023 and completed in late January 2024, an arrangement that welcomed The Brag’s suite of titles into the Vinyl fold, including Rolling Stone AU/NZ, Variety AU, Tone Deaf and The Music Network.
“Mediaweek will join Vinyl Group with a mission to accelerate our trade media and events business in Australia and improve margins across these pillars,” comments Vinyl Group CEO Josh Simons.
“This acquisition follows a review of our media arm earlier in the year, which identified several opportunities to enhance the efficiency and reach of these operations. Further synergies are expected to be unlocked and we look forward to announcing a managing editor of Mediaweek following completion.”
Simons continues, “this strategic asset purchase demonstrates our commitment to growing our global music and media tech portfolio.”
Completion is expected by no later than Sept. 30, 2024, and is dependent on certain completion deliverables.
Vinyl Group (ASX: VNL) is Australia’s only ASX-listed music company, with a growing empire that includes its music credits business Jaxsta; Vampr, the leading music industry social-professional network and talent marketplace; Vinyl.com, the online record store; and The Brag Media.