Time Out, a London, UK-based international multi channel publisher, has received an equity investment of undisclosed amount from Oakley Capital Private Equity L.P.
With the transaction, the private equity fund acquired a 50% stake in the company.
Founded in 1968, Time Out provides services across traditional print, digital channels and live events in over 30 countries around the world. It delivers entertainment, cultural guidance and information for people through a distribution network, which incorporates city magazines, a comprehensive online presence, mobile, travel guides, events and partnerships.
The proceeds from the investment will help the company grow its brand across all channels. According to Peter Dubens, Director of Oakley Capital Investments, the fund will support Time Out in growing both its traditional media and in its continued transition to digital over the coming years.
The company recently launched its location based iPhone applications, which have already had over 500,000 downloads in 2010. In March, it was also appointed as the official publisher of travel guides for the London 2012 Olympic Games and Paralympic Games.