Vinyl Group Increases Publishing Assets With Mediaweek Acquisition

Popular trade publication Mediaweek today announced its acquisition by Vinyl Group after previous publisher Trent Thomas stepped back from the title following reports of alleged sexual harassment.

The deal was an asset acquisition with $500,000 in cash and $500,000 in Vinyl Group shares, an outcome that dwarfs the $8 million price paid for Vinyl’s earlier deal to acquire The Brag. Vinyl Group CEO Josh Simons said the acquisition will be a shot in the arm for the business’ trade media arm which was anchored by the takeover of The Brag Media from Sam Benjamin and Luke Girgis last last year.

“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 issues started in July with the brand acknowledging Thomas’ exit from the day to day running of the business:

“In light of recent coverage, and the awareness of the impact this coverage will have on Mediaweek’s employees, audience, clients and partners, Trent Thomas, managing director and publisher has elected to step back from his role to ensure that the business can continue its commitment to delivering a brand based on a foundation of quality and respected content for our audiences, clients and partners,” the statement read.

“Mediaweek acknowledges the rights of all workers to raise any type of workplace concerns and is committed to receiving all concerns with a person-centred and trauma informed approach providing a safe workplace for everyone that defines appropriate conduct and best practices.

“Over the last eight weeks Mediaweek demonstrated our commitment to safe work practices by engaging independent HR consultants to investigate, support and address concerns brought forth by two employees. The outcome of this investigation propelled our business to swiftly implement an industry leading prevention and response plan, HR training and robust HR guidelines and policies to take proactive and meaningful action to eliminate relevant unlawful conduct in the workplace.”

Speaking of the deal today, General Manager Sarah Chapman said “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.”

The Mediaweek brand was founded in 1990 by Philip Luker and covered a wide range of content from the media and entertainment industries. James Manning took over the publication in 1999 with the title transitioning to online only in 2017. Upon its acquisition by Trent Thomas’ Chattr Pty Ltd in April 2022, the title underwent a rapid expansion of both content and staff. It is expected that Mediaweek’s staff will be offered new roles at Vinyl Group.

The Richard White backed company has had a remarkable growth trajectory over the last few years, combining largely music-related businesses including music data company Jaxsta, social network Vampr and media company The Brag to find synergies in the sector. The acquisition adds to Vinyl Group’s trade media publications Variety Australia and The Music Network to create an enviable stable of publications serving the sector. The new acquisition builds on changes in the group announced just two months ago with The Brag Media CEO Luke Girgis exiting the company and Jessica Hunter and Lars Brandle stepping up to leadership roles under Simons.