Peter Dubens, the serial entrepreneur, has bought a 50 per cent stake in magazine and travel guide publisher Time Out.
Peter Dubens, who we profiled in June, has bought a 50 per cent stake in Time Out, in a deal that values Time Out at just over £20m. Tony Elliott, who founded Time Out in 1968, will continue to own the other half of the company.
“We’re going to help the business, which hasn’t had a lot of working capital over the last few years, to create a very large presence digitally, both mobile and on the internet,” says Peter Dubens. “It’s very rare to be able to help with such a renowned, iconic brand as Time Out.”
Hoping that the partnership with Peter Dubens’ Oakley Capital will be a “hugely successful worldwide digital journey”, Tony Elliott, founder of Time Out, adds:
“I’ve considered many potential investors over the last seven years, to help the brand with the next phase of development and I believe Oakley Capital, with its entrepreneurial operational focus, will help us with this.”
Time Out already has a digital presence – in addition to local websites, Time Out recently launched a location-based iPhone app, which has already been downloaded 500,000 times – but Peter Dubens’ track record in taking businesses to the next level will no doubt help Time Out grow significantly.
Serial entrepreneur Peter Dubens is best-known for his involvement in 365 Media Group, which he sold to Sky in 2006 for more than £100m; and Pipex, which he sold to Tiscali in 2007, for £210m. More background on Peter Dubens can be found in our June 2010 profile.
With Time Out, Peter Dubens, hopes to grow all of the brand’s channels. “There are many cities Time Out isn’t in, and the other thing that’ll happen will be expansion: both more depth in cities it is already in, and in further cities all over the world,” Peter Dubens told Reuters.