The man behind widespread satirical web site The Betoota Advocate will grow to be the publisher of youth information publication Junkee following its sale to unbiased digital and manufacturing firm RACAT Group.Billboard firm oOh!Media has bought its digital publication Junkee to RACAT, the publisher of Australian Geographic and producer of packages resembling Hardball, for an undisclosed sum. The media division, which additionally runs publications Punkee and AWOL, was put up on the market earlier this 12 months after it determined the web sites not slot in with the broader strategic pursuits of the enterprise.Piers Grove, who publishes The Betoota Advocate and Daily Aus, will take cost of Junkee as half of its sale to RACAT Group.Credit:James AlcockRACAT – which is run by former Nine chairman David Haslingden – has employed media entrepreneur Piers Grove as publisher of the three web sites. Mr Grove additionally runs satirical web site The Betoota Advocate and youth information publication The Daily Aus and is the chair and co-founder of Energy Lab.“It shall be an enormous thrill and duty to lead Junkee within the months and years to come,” Mr Grove mentioned. “Our mission at RACAT is to personal and function media corporations that in a technique or one other add one thing to our world and Junkee does precisely that. We are large followers of Junkee’s manufacturers, its loyal audiences and the large array of content material it delivers on daily basis.”While RACAT Group is the proprietor of Junkee, the appointment of Mr Grove as publisher may lead to strategic partnerships or integration between The Daily Aus, The Betoota Advocate and Junkee’s manufacturers in some unspecified time in the future in future.The phrases of the deal weren’t disclosed, but it surely seems the billboard firm didn’t obtain the quantity of cash it had hoped for the transaction. The Australian Financial Review mentioned final month oOh!Media was anticipating $20 million for the publication, however a press release on Thursday mentioned the sale worth was immaterial to the billboard firm. This masthead beforehand reported presents of between $7 million to $10 million.Previous bidders, which included Popsugar Australia publisher Val Morgan, Rolling Stone publisher The Brag Media and Guardian Australia, believed the enterprise was overpriced as a result of its most worthwhile half – the content material advertising studio – was not included within the sale. The content material advertising studio makes up no less than half of Junkee Media’s income, in accordance to folks conversant in its efficiency.RACAT Group is a publishing, manufacturing and digital firm that runs Australian Geographic, recreation developer and publisher Runaway Play and Northern Pictures, the manufacturing firm behind TV reveals resembling Love on the Spectrum, Hardball and Lukewarm Sex. Its board members together with former Telstra government Joe Pollard and Sharon Tal Yguado, the previous head of unique collection and head of style collection at Amazon Studios.
https://www.brisbanetimes.com.au/enterprise/corporations/betoota-advocate-publisher-to-lead-junkee-following-sale-20211208-p59fsk.html
