London-based Oakley Capital Investments and its buyout arm Oakley Private Equity have invested £14.2 million pounds, or US$23.2 million for a 65.7 percent stake in Time Out New York, Financial News reported.
Oakley Capital spent £11.3 million for a 50 percent stake in Time Out London in November 2010, to help expand the listings magazine publisher online.
Time Out, established in 1968, is a weekly magazine published in 35 cities focus on culture and entertainment, with an audience of 16 million.
Time Out New York and Time Out London control the worldwide rights to the publication brand except in Chicago, according to the firm, Bloomberg reported.
“The interest is the switch between print and digital. It’s such a go-to brand. People read it to go do something,” said Peter Dubens, director of Oakley Capital, in a telephone interview to Bloomberg.
According to Dubens, the magazine could generate revenue by selling tickets and products online. Time Out London have added daily online deals, which is similar to what Groupon offers. Time Out would like to build more websites for cities including Los Angeles, Miami, Berlin and Paris. It hopes to bring the total to 50 from 35 today, Dubens added.