MELBOURNE, AUSTRALIA: Vinyl Group (ASX: VNL) has entered into a binding Share Sale Agreement to fully acquire Australia’s largest youth publisher The Brag Media including its premium network of mastheads and events funded by a new investment by WiseTech Global (ASX: WTC) Founder and CEO Richard White.
The Brag Media publishes owned outlets TheBrag.com, The Music Network and Tone Deaf, and Penske Media Corporation (PMC) titles Rolling Stone and Variety in Australia and New Zealand.
It also exclusively represents local digital audiences for over a dozen other titles including HypeBeast, Billboard, The Hollywood Reporter, Music Feeds, ComingSoon, Rotten Tomatoes, Game Revolution and IndieWire.
The Brag Media network of premium brands reaches about ten million users per month in the region with over 40 million monthly page views, cementing its position as Australia’s largest youth publisher.
Vinyl Group will pay $8 million in cash (Up Front Compensation) to acquire 100% of The Brag Media and its subsidiaries (Brag Group), with a further $2 million payable in cash or stock at Vinyl Group’s discretion (Deferred Compensation).
As part of the deal, The Brag Media CEO Luke Girgis has entered into a full-time employment agreement with the Company, as Publisher and Managing Director of The Brag Media, which includes a minimum two-year term and a requirement for full-time dedication to The Brag Media and Vinyl Group businesses post-sale.
Vinyl Group CEO, Josh Simons, said: “Vinyl Group’s suite of products work together to empower participants of the music ecosystem and reach all corners of the creator economy, and we can’t wait to start working with the iconic mastheads that Luke and The Brag Media have successfully developed in Australia.
We’ve identified several impactful synergies between the two businesses that will deliver immediate cost efficiencies and revenue, including streamlining Vampr’s in-app ads business and leveraging The Brag Media’s impressive audience reach to bolster Jaxsta, Vinyl.com and Vampr in the market.”
Girgis said: “The next phase in the evolution of The Brag Media will take place under the umbrella of Australia’s only ASX-listed music business, and I couldn’t be happier about it. Right from the earliest discussions we had, it was clear that the Board, Josh and the team shared our vision for the future of the business, and I’m thrilled that they’ve made this commitment with us.”
Richard White said: “I have watched closely as Josh has built Vinyl Group’s revenue and made substantial business gains since taking my initial investment. I’ve also noted that Luke and his dedicated team at The Brag Media have rapidly grown Brag into one of Australia’s most influential media and creative businesses.
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