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Edition: U.S. Article Comments (0) Email Print Reprints Read "Don't touch my junk" airport patdown protests fizzle 4:50am EST Exclusive: Corruption charges to feature in WikiLeaks release 24 Nov 2010 New corruption scandal deals blow to India's image 10:26am EST South Korea defence minister quits after attack | 9:28am EST UPDATE 2-Oracle ruling slams SAP's reputation 24 Nov 2010 Discussed 195 Obama’s Democrats in disarray over expiring tax cuts 98 Obama’s 2012 re-election prospects uncertain: poll 68 Wesley Snipes ordered to prison for tax conviction Watched Bejeweled bra exposed in NY Thu, Oct 21 2010 Row over vote orgasm video Fri, Nov 19 2010 High tech shopping with apps Wed, Nov 24 2010 Analyst Research Report Title Price Daisy Group PLC (DAY) - Financial Analysis Review Provider: GlobalData $125.0 Buy NYSE and AMEX quotes delayed by at least 20 minutes. NASDAQ delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here. Green Business Wind power blowing into Massachusetts Utility regulators in the state have approved energy company National Grid's agreement to buy power from the 420-megawatt Cape Wind project, which could be the United States' first offshore wind farm. Full Article U.S. to speed up offshore wind energy development White House clears EPA renewable fuels standard California puts Tessera solar plant on temporary hold Oakley Capital buys into Time Out for online growth Tweet This Share on LinkedIn Share on Facebook By Brenda Goh LONDON (Reuters) - Investment firm Oakley Capital has bought a 50 percent stake in magazine and travel guide publisher Time Out, attracted by the potential to exploit its strong brand online. The deal values Time Out at more than 20... Related News UPDATE 1-Petrofac enters Nigeria with 15 pct stake in explorer 8:17am EST UPDATE 1-Clinton Cards posts sales drop, debt inches up Tue, Nov 23 2010 Related Topics Technology » Media » Stocks By Brenda Goh LONDON | Thu Nov 25, 2010 8:36am EST LONDON (Reuters) - Investment firm Oakley Capital has bought a 50 percent stake in magazine and travel guide publisher Time Out, attracted by the potential to exploit its strong brand online. The deal values Time Out at more than 20 million pounds ($32 million), its founder Tony Elliot told Reuters on Thursday. "There is incoming money into the business that has dealt with debt. It's dealt with working capital, it's dealt with various costs and I have some money," he said. "We (now) have absolutely no debt," he added. In January, Elliot injected 3 million pounds of his own money to reduce Time Out's bank debt of 8.3 million pounds. Elliot, who founded the firm with 70 pounds in 1968, had been looking for an investor for years but resisted becoming part of a bigger media group. He will continue to own the other half of the company. "We are more profitable this year than we have ever been, and going forward the sky is now the limit on what we can achieve," Elliot told Reuters in a telephone interview. Time Out, whose first issue 42 years ago consisted of a single sheet of paper covering cultural life in London, publishes magazines and travel guides in more than 30 countries. It is the official travel guide publisher for the London 2012 Olympics. Oakley director Peter Dubens told Reuters the investment firm planned to develop Time Out's digital potential. "We are going to help the business which has not had a lot of working capital over the last few years to create a very large presence digitally, both mobile and on the Internet," he said in an interview. The founders of the rival Lonely Planet guides sold most of their company to BBC Worldwide in 2007, also with the aim of expanding across media platforms. "There are many cities it is not in, and the other thing that will happen will be expansion, both more depth in cities it is already in, and in further cities all over the world," Dubens said, declining to say how much his firm had paid for the stake. Liberum Capital analyst Henry Freeman, who has a 'buy' rating on Oakley Capital agreed there was potential to exploit the Time Out brand. "The new portfolio company's significant brand value can be leveraged further," he said in a note. "Growth will also be driven by further roll-outs in major world cities." AIM-listed Oakley, whose private equity fund also has investments in companies such as acquisitive telecoms reseller Daisy Group and derivatives broker Monument Securities, told Reuters in August it was looking for Internet and financial services-related opportunities. 1 2 Next Technology Media Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. 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