Josh Simons.
ASX-listed publisher Vinyl Group has completed the acquisition of digital city guide Concrete Playground.
Vinyl acquired 100% of the issued capital of Concrete Playground for $4.06 million in cash and $1.5 million in Vinyl Group shares.
The cash consideration includes a working capital and net debt adjustment that takes into account the cash balance left in Concrete Playgrounds account. Cash in the bank is expected at $0.78M, making the net cash outlay $3.28M.
Concrete Playground generated more than $4.1 million in unaudited revenues in the past twelve months.
As part of the transition, Concrete Playground’s founder & CEO, Rich Fogarty, will depart the business.
"Finalising the acquisition of Concrete Playground is another huge milestone for Vinyl Group," said Josh Simons, CEO of Vinyl Group, said.
"Concrete Playground has built an engaged and trusted platform that seamlessly fits into our broader media strategy as part of our new publishing house, Vinyl Media.
"This acquisition strengthens our media division and unlocks new opportunities for our advertising partners, all while accelerating our timeline to sustained profitability. We’re excited to welcome the team to Vinyl Group and look forward to unleashing our potential together."
Vinyl Media has also secured an exclusive advertising representation agreement with Genius for Australia and New Zealand. Genius, the world’s leading music knowledge platform, attracts millions of users globally and is a premier destination for artist interviews, lyric breakdowns, and cultural commentary.
This agreement expands Vinyl Media’s advertising network, allowing it to offer Australian and New Zealand brands direct access to Genius’s premium audience
The latest announcement comes off the back of Vinyl Group’s recent launch of Vinyl Media, a premium publishing and culture house for advertisers to engage with audiences across a diverse range of profiles.
Key recent appointments have seen Batoul Peters promoted to Head of Commercial Operations, Brad Arnold promoted to Head of Studio & Projects, while Marcus Allen has been promoted to Group Partnerships Manager in Victoria and QLD.
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