Mediaweek to be acquired by Vinyl Group
Following much speculation, ASX-listed Vinyl Group has confirmed it will acquire media and marketing trade publication Mediaweek.
In an ASX announcement on Tuesday morning, the music company confirmed it had executed a binding heads of agreement to acquire Mediaweek from Chattr Pty Ltd.
Vinyl Group will acquire the assets of Mediaweek in exchange for $500,000 in cash and $500,000 in shares. The group confirmed that some Mediaweek employees will join Vinyl Group as part of the deal while current owner, Trent Thomas, will remain with Chattr Pty Ltd and the Chattr website, the assets of which are not included in this acquisition.
“Mediaweek will join Vinyl Group with a mission to accelerate our trade media and events business in Australia and improve margins across these pillars,” Vinyl Group CEO Josh Simons said.
“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.
“This strategic asset purchase demonstrates our commitment to growing our global music and media tech portfolio.”
The move comes after Mediaweek announced that Thomas, who is managing director and publisher, would “step back” following reports of alleged sexual harassment against female staff members.
The publication’s senior leadership team – general manager Sarah Chapman, digital and marketing director Kellie Brown, chief revenue director Andrew Mulready, and editor-in-chief James Manning – have continued to lead in Thomas’ absence.
Late last year, Vinyl Group also acquired The Brag Media, which led to the departure of managing director and publisher Luke Girgis earlier this year.
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Neil Griffiths is the Managing Editor of Mumbrella. He joined the company in October 2023.
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