Weekly event listings magazine TimeOut New York reportedly is hitting the auction block for $40 million, according to TimesOnline.com. The sale was prompted by investors in the magazine who want to cash out on their investment to possibly seek a profit. But that may be difficult, as valuations for media properties have declined recently because of the slowdown in advertising and available financing for deals.
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The original investors include Tony Elliot, the Clark family estate, French-American businessman William-Louis Dreyfus and Joe Mansueto,
the founder of investment research group Morningstar Inc. They sunk a reported $10 million to $30 million investment in TimeOut New York, which began publishing in 1995. The deal also would include TimeOut New York's share in sister publication TimeOut Chicago. The most recent available statements for TimeOut New York and TimeOut Chicago in 2006 say that the
share of losses in New York and Chicago amounted to $119,501.56, the TimesOnline reports.
TimeOut New York has a circulation of 139,140. - Gerald Magpily
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See TimeOut New York
