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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2010/11/time-out-founder-sells-50-stake.jpg"><img class="alignnone size-full" title="The owner of travel guide Time Out has sold his 50% stake in the firm" src="http://londonglossy.com/wp-content/uploads/2010/11/min-time-out-founder-sells-50-stake.jpg" alt="The owner of travel guide Time Out has sold his 50% stake in the firm"/></a></p>
<p>The founder of Time Out magazine has sold a 50% stake to private equity to help fund online and digital expansion.</p>
<p>Tony Elliott, who launched the magazine and travel guide 42 years ago, struck a deal with Oakley Capital Investments, said to value Time Out at around £20 million.</p>
<p>The stake sale will allow Time Out to step up its move into online guides.</p>
<p>Mr Elliott &#8211; who has been looking for an investor for seven years &#8211; said he hoped the deal would help begin &#8220;a hugely successful worldwide digital journey&#8221;.</p>
<p>He is thought to be using some of the cash from the sale to pay down debts, with the remainder going into expansion projects such as a new series of &#8220;what&#8217;s on&#8221; online-only guides to cities including Paris, Rome and Berlin.</p>
<p>Oakley Capital, which is headed by entrepreneur Peter Dubens, said its acquisition would provide &#8220;financial and strategic&#8221; support for Time Out.</p>
<p>Mr Dubens said: &#8220;It is very rare to be able to help with such a renowned, iconic brand as Time Out. We believe that we will help this brand both in its traditional media and the continued transition to digital over the coming years.&#8221;</p>
<p>Time Out published weekly cultural and entertainment guides in 24 countries and has an audience of more than 17 million a year worldwide. Its weekly magazine has 36 versions globally, with another 22 travel magazines and guides to around 50 cities, translated into 10 languages.</p>
<p>The group has been appointed official publisher of travel guides for the London 2012 Olympic Games and Paralympic Games.</p>
<p>Time Out has been seeking to develop its online offering and said it has 7.5 million unique users each month &#8211; up 38% year-on-year &#8211; of which over 2 million are in London.</p>
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