Vinyl Group completes The Brag Media acquisition
Australia’s only ASX-listed music company, Vinyl Group (ASX: VNL), has today completed its acquisition of The Brag Media, one of Australia’s largest youth publishers.
Funded by an $11 million placement and debt facility by WiseTech Global’s (ASX: WTC) founder and CEO, Richard White, the deal has now been settled.
In December, the company announced its plans to fully acquire The Brag Media and its network of mastheads and events – including Rolling Stone and Variety ANZ.
CEO Josh Simons said at the time: “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 [Girgis] and The Brag Media have successfully developed in Australia.”
As part of the deal, Luke Girgis, CEO of The Brag Media has entered into a full time employment agreement as publisher and managing director of the company.
Of the deal completion, Simons said: “At Vinyl Group, our mission is to empower creators, and The Brag Media’s stable of publications including Rolling Stone, Variety, The Music Network, Tone Deaf and more, have a long history of shining a light on the most exciting and emerging aspects of creative culture and entertainment.
“2024 will be an important year for the business, as we focus on integrating The Brag Media into Vinyl Group’s properties as well as continued strong growth of our technology products.
“We now have a very clear path to profitability.”
Keep an eye on Mumbrella for the full feature with Simons this week.
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Lauren McNamara is the associate editor at Mumbrella, covering the creative and PR beat. She joined in November 2022 as editorial assistant, after completing a Bachelor of Communications (Journalism) at UTS.
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