Lionize completes sale out of administration; founders split with ‘high-quality’ result for owed creditors
Independent full-service agency, Lionize has completed its sale out of administration to a private investor, as CEO Mikey Taylor told Mumbrella only two staff have been made redundant.
Taylor said Lionize will continue to operate under its current name as a creative and digital media business, with co-founder and chairman Aaron Monks set to leave to restart his media agency, 360DMG.
Taylor called the sale a “high-quality result”
Approximately 70% of the agency’s headcount will remain with Lionize, he said, with around 30% following Monks, while two staff have been made redundant in the process. LinkedIn lists the agency as employing 22 staff.
The sale has reportedly been made to a private investor based in New Zealand, who currently holds media assets in both Australia and New Zealand.
Lionize would not disclose the name or price of the sale.
In total, Lionize staff is owed $430,331 as Taylor said staff liabilities will be carried forward in the sale.
Monks to depart Lionize to restart his agency 360DMG
The total amount owed to creditors, as calculated by ASIC was $5,395,411, with creditors including oOh! Media, Shopper, Quantcast, Southern Cross Austereo, News Corp, QMS, ARN, Broadsheet, JCDecaux, TikTok, and Ovato, with the Australian Tax Office also owed upwards of $1 million.
The agency also owed $790,799.
Taylor called the sale a “high-quality result for all of our creditors”
“So there’s the sale, and then there are some personal assets from the directors that will go in to deliver a great result for the creditors of the business as well.”
He added the sale shows there remains to be value in the business, and thanked the agency’s clients and media partners for their support.
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Calum Jaspan was news editor at Mumbrella, based in Melbourne. He was also the producer and host of the Mumbrellacast. He left Mumbrella in May 2023.
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