After seven years of searching, Tony Elliott, the founder of UK publishing group Time Out, announced last week that he sold half the company to private equity group Oakley Capital Investments in order to fund online and digital expansion, Press Association informed.
The equity firm was thought to value the publisher at £20 (€24) million. According to Elliott, Oakley Capital will help the initiative because of "its entrepreneurial operational focus" and assist Time Out in embarking on a "hugely successful worldwide digital journey." He let slip that the publisher would not be putting up a paywall since it deals with information that was "built to last forever," The Independent wrote.
Elliott explained that the publishing house never had enough capital to correspond to its expansion plans, The Independent reported. In January, the founder had to donate £3 (€3.6) million from his own pocket to ameliorate the £8.3 (€9.9) million debt. However, last week Elliott declared that Time Out had never been under threat, according to The Independent.