Youth Publication Junkee To Be Sold By oOh!Media
oOh!Media, who are primarily outdoor advertisers, have said they will be selling Junkee Media – a youth focused publishing business – and renewing their focus back on the billboards.
Junkee was founded Neil Ackland, who is still CEO, and Tim Duggan in 2013. In 2016, oOh!Media purchased an 85 per cent share in the publication, then later bought the whole publication.
Ackland will leave Junkee and remain at oOh! in his ongoing chief content, marketing and creative officer role.
oOh!Media CEO Cathy O’Connor said that the decision to sell primarily rested on oOh!s ultimate focus on outdoor advertising.
She said, “our strategy is to concentrate on Out of Home and do what we do best – making brands unmissable through our unique advantages in delivering audiences at scale, leveraging our exclusive data sets and showcasing Out of Home’s creative power.”
“The Junkee team have done a great job building a powerful media brand, and the recent long-term partnerships with Google and Facebook are testament to the value inherent in the business and its promising future. We believe this decision gives Junkee the best opportunity to build on its legacy and become even more successful for many years to come.”
O’Connor joined oOh! in January, after twelve years as CEO at Nova Entertainment.
Two days ago, Junkee struck a three year deal with Facebook for news content, which will see the publisher produce series The Junkee Takeaway for Facebook Watch.
The publication will be sold in the second half of this year.
Nine bought a 60 per cent share in Junkee’s primary rival for youth content, Pedestrian.Tv, back in 2015. Pedestrian has since gone on to sign a deal with the Vice Media Group, meaning it will publish Australian versions of both VICE and Refinery29.
oOh!Media experienced fairly significant profit loss in 2020, seeing a net decrease of $23.9 million from 2019.
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