It has been confirmed that media and marketing trade publication, Mediaweek will be acquired by ASX-listed, Vinyl Group.
In an ASX announcement, the music company confirmed it had executed an agreement to acquire Mediaweek from Chattr Pty Ltd.
"Mediaweek will join Vinyl Group with a mission to accelerate our trade media and events business in Australia and improve margins across these pillars," said Vinyl Group CEO, Josh Simons.
Vinyl Group will acquire the assets of Mediaweek in exchange for $500,000 in cash and $500,000 in shares.
The group confirmed that some Mediaweek employees will join Vinyl Group as part of the deal while current owner, Trent Thomas, will remain with Chattr Pty Ltd and the Chattr website, the assets of which are not included in the deal.
"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," said Simons.
"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," he said.
Vinyl Group also acquired The Brag Media at the end of 2023.
Image credit: Mediaweek
