oOh!media has announced that youth-orientated digital publishing business, Junkee Media, has been acquired by the RACAT Group.
Junkee Media joins RACAT’s portfolio of publishing, production and digital assets which includes Australian Geographic, game developer and publisher Runaway Play as well as Northern Pictures, the production company behind compelling TV shows Love on the Spectrum and Lukewarm Sex.
The decision to divest Junkee Media follows the conclusion of a strategic review to focus on the core business of Out of Home media to capitalise on future growth opportunities.
oOh! will retain branded content and production arm Junkee Studio, which will be relaunched as a part of a new creative proposition in early 2022.
Junkee Media’s editorial, sales and implementation teams will move across to RACAT as part of the transaction.
Junkee Media will be headed up at RACAT by experienced media entrepreneur Piers Grove. (Title picture)
“It will be a huge thrill and responsibility to lead Junkee in the months and years to come,” said Grove.
“Our mission at RACAT is to own and operate media companies that in one way or another add something to our world and Junkee does exactly that.”
David Haslingden, executive director of RACAT, thanked Neil Ackland (pictured below)and added, “Junkee is a business we are excited to invest in growing and expanding to meet its audience in new and responsive ways.”
Ackland, chief content, marketing and creative officer at oOh! said, “As a co-founder of Junkee it was critically important we found the right business that is aligned to its core values.”
He continued, “My journey with Junkee now comes to an end as I continue with oOh! and I want to thank the brilliant Junkee team for their outstanding work and wish them and RACAT every success in the future.”
The commercial terms are not material to oOh!media Limited’s reporting obligations and are not being disclosed.
Jacanda Capital was the lead adviser to oOh!media on this transaction.
