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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Oakley Capital buys into Time Out for online growth Reuters - Friday, November 26 Send IM Story Print By Brenda Goh LONDON - 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 , 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 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. Oakley said in September it was selling cloud computing firm Host Europe for 222 million pounds, earning a return of about three times its initial equity investment. Recommend Send IM Story Print Related Articles Openness to virtual operators key in 4G mobile: France AFP - 1 hour 11 minutes ago US-TECH Summary Reuters - Friday, November 26 Chevy Volt tops Prius in fuel economy rating Reuters - Friday, November 26 Oakley Capital buys into Time Out for online growth Reuters - Friday, November 26 Sony eyes December launch of e-readers in Japan AFP - Friday, November 26 News Search Top Stories Europe bans baby bottles with Bisphenol-A Irish bailout talks accelerate as PM faces new setback Merkel seeks to soothe markets on eurozone Wealthy Americans say: 'Tax us' to ease deficit' Toyota still in 'crisis' one year after recalls More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended US, S.Korea plan war games after N.Korean attack New AIDS cases fall by one fifth in a decade: UN Many cancers detected late in US: study British students clash with police during fees protest General strike cripples debt-hit Portugal More Most Viewed » 'Naked' airport scanners may be 'dangerous' EU fines 11 airlines 800 million euros for air cargo cartel Pilgrims stone 'devil' as Muslims celebrate Eid World leaders scramble for funds to save the tiger US, S.Korea plan war games after N.Korean attack More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Weekend Edition Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Entertainment Photos Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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