Vinyl Group Completes Digital Media Business Acquisition From HOYTS Group Unit

MT Newswires Live

Apr 13

Vinyl Group (ASX:VNL) completed the acquisition of the Val Morgan Digital media business from Val Morgan and Co. (Aust.), a unit of The HOYTS Group, via an asset sale for AU$10.5 million, comprising AU$7 million in cash and AU$3.5 million in shares, according to a Monday Australian bourse filing.

A total of 41.8 million ordinary shares were issued at AU$0.0837 per share as part of the deal.

The business' assets include partnerships and Australia and New Zealand licences with BuzzFeed Fandom, LADbible Group, and Vox Media, which were novated to Vinyl Group as part of the deal.

Vinyl also entered into a cooperation and services agreement with the HOYTS Group unit to cover outdoor and cinema advertising cross-sell capabilities.

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