Back in September, we reported rumors that deluxe listings magazine Time Out New York was having trouble paying its bills. There was speculation that the magazine "won't make it to the end of the year." TONY dismissed the rumors and assured its staff: "Happily, our New York investors, who understand the value of the brand you have all built and have been entirely supportive over the past 14 years, remain fully committed to us." Can you guess what happened today? Yes, those investors are putting the magazine up for sale:
"The New York edition of Time Out is on the auction block with a cover price of up to $40 million (£26.8 million) after backers of the weekly magazine pressed for a sale in an attempt to generate profit on their 13-year investment...
Also for sale is Time Out New York's share of the Chicago title, meaning that any buyer would take control of the brand in the United States."
TONY founder Tony Elliott gives a borderline angry quote saying he doesn't want to sell, this all driven by the investors. After 13 years they're ready to make a profit, surprisingly. If they do, we'll be even more surprised. [Times UK]