Time Out New York Goes on the Block
Investors looking for $40 million buyout; Chicago edition for sale, too.
The New York edition of Time Out is officially on the block, the company has confirmed. The asking price is approximately $40 million.
â€śIt isnâ€™t so much that we want or need to sell Time Out as we want to find a replacement for our existing investors,â€ť president Alison Tocci wrote in an e-mail to FOLIO:. â€śAnd that may or may not involve a full sale, depending on what a potential buyer or investor is willing to spend.â€ť
The weekly magazine is owned by a group of investors including billionaire William Louis-Dreyfus, the Clark family estate (which once owned the Singer sewing machine company) and Tony Elliott, who founded the London edition of Time Out in 1968.
Also for sale is TONYâ€™s stake in Time Out Chicago, which is owned by the New York investors and Mansueto Ventures founder Joe Mansueto, who owns 50 percent.
â€śOur New York investors have been in for 13 years which is a good long run,â€ť Tocci wrote. â€śOne of them in particular is in his 70s and is looking to divest. Weâ€™ve known his feelings for some time and I donâ€™t think itâ€™s a secret that weâ€™ve been looking for investment to resolve that.â€ť
While the magazine has taken a hit in print advertising revenues this year, the company has not announced any layoffs, Tocci said. Through the first nine months, TONYâ€™s ad pages fell 6.7 percent, according to Publishers Information Bureau figures.
The auction is being handled by media investment bankers DeSilva + Phillips, according to a report in the Times of London.