Chattr Pty Ltd, the parent company of Mediaweek, has entered into a binding Heads of Agreement to sell the trade media publication.
The Mediaweek brand was acquired by Chattr Pty Ltd in April 2022 through a deal with GMG Information Pty Ltd.
Vinyl Group will acquire the assets of Mediaweek in exchange for $500,000 in cash and $500,000 in shares valued at the fifteen (15) day Volume Weighted Average Price (VWAP) of Vinyl Group shares on the ASX for the period immediately preceding the Completion Date. Completion is expected to take place by 30 September 2024.
Vinyl Group describes itself as the heartbeat of an equitable music world, providing tech solutions that connect and give credit to the creator economy.
Its diverse portfolio includes:
• Vinyl.com which offers an e-commerce experience including over 50,000 titles for fans to support their favourite artists.
• Vampr is a dedicated social-professional networking platform and talent marketplace, allowing 1.4m creators to discover collaborators and monetise their work in over 180 countries.
• Jaxsta is the world’s largest and only database of official music credits with over 380m verified credits to streamline revenue opportunities for businesses in the music industry.
This deal follows the acquisition of The Brag Media earlier this year, which marked Vinyl Group’s entry into media. The Brag Media is Australia’s largest creator of premium youth content and events and publishes iconic titles including Rolling Stone AU/NZ, Variety Australia, TheBrag.com, The Music Network, Tone Deaf, and more.
The Brag Media 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 brand portfolio reaches 10m users per month in the region with over 40m monthly page views.
Vinyl Group CEO, Josh Simons, said: “Vinyl Group CEO, Josh Simons, said: “Mediaweek will join Vinyl Group with a mission to accelerate our trade media and events business in Australia and improve margins across these pillars. This acquisition follows a review of our media arm earlier in the year, which identified several opportunities to enhance the efficiency and reach of these operations.
“Further synergies are expected to be unlocked and we look forward to announcing a managing editor of Mediaweek following completion. This strategic asset purchase demonstrates our commitment to growing our global music and media tech portfolio.”
Mediaweek’s general manager, Sarah Chapman, commented: “The MW team is excited to be a part of the Vinyl Group family. Joining such a large portfolio of popular titles and having access to the vast resources provided by Vinyl will help us continue to grow and adapt our product to better serve our readers and clients.
“Mediaweek has evolved and grown rapidly over the last few years, and that will only continue as we invest in and grow our product to further cement our market position.”