Melbourne, Australia – Vinyl Group, Australia’s only ASX-listed music company, is pleased to announce the completion of its acquisition of Concrete Playground Pty Ltd, a leading digital city guide operating across Sydney, Melbourne, Brisbane, Auckland, and Wellington.
The acquisition strengthens Vinyl Group’s media and advertising footprint, broadening its ability to serve a diverse set of brands and agencies through Vinyl Media. Concrete Playground’s high-quality lifestyle content and engaged audience will complement Vinyl Media’s go-to-market strategy by tapping into a similar agency network, yet serving a distinct set of clients and briefs, unlocking new commercial opportunities for the company.
Under the finalised terms, Vinyl Group acquired 100% of the issued capital of Concrete Playground Pty Ltd for $4.06 million in cash and $1.5 million in Vinyl Group shares. The cash consideration includes a working capital and net debt adjustment that takes into account the cash balance left in Concrete Playgrounds account. Cash in the bank is expected at $0.78M, making the net cash outlay $3.28M. Any final adjustment would be reviewed within twenty days. The scrip component was calculated based on a 15-day VWAP of $0.1186 per share, resulting in the issuance of 12,647,554 fully paid ordinary shares, subject to a 12-month escrow period. Additionally, $500,000 of the $4.06M cash consideration has been placed into escrow for 12 months as security against any claims under the Share Sale Agreement.
Concrete Playground generated over $4.1 million in unaudited revenues in the past twelve months and is forecast to contribute at least $1.5 million in EBITDA in CY25. The integration of the business within Vinyl Media is expected to deliver operational efficiencies and bring forward Vinyl Group’s timeline to achieving positive cash flows.
As part of the transition, Concrete Playground’s Founder & CEO, Rich Fogarty, will depart the business. Rich has worked closely with Vinyl Group to ensure a seamless integration of the team and operations.
Josh Simons, CEO of Vinyl Group, said: “Finalising the acquisition of Concrete Playground is another huge milestone for Vinyl Group. Concrete Playground has built an engaged and trusted platform that seamlessly fits into our broader media strategy as part of our new publishing house, Vinyl Media. This acquisition strengthens our media division and unlocks new opportunities for our advertising partners, all while accelerating our timeline to sustained profitability. We’re excited to welcome the team to Vinyl Group and look forward to unleashing our potential together.”
Rich Fogarty, Founder & CEO of Concrete Playground, said: “Selling Concrete Playground is bittersweet, but I couldn’t be more excited for what comes next. What started as a passion project has grown into a leading digital publisher, thanks to an incredible team and a loyal audience who share our love for discovering great experiences. With Vinyl Group now at the helm, Concrete Playground is in excellent hands. Their scale, expertise and vision will open up new opportunities, ensuring the brand continues to thrive and evolve.”
In addition to completing the Concrete Playground acquisition, Vinyl Media has secured an exclusive advertising representation agreement with Genius for Australia and New Zealand. Genius, the world’s leading music knowledge platform, attracts millions of users globally and is a premier destination for artist interviews, lyric breakdowns, and cultural commentary.
This agreement expands Vinyl Media’s advertising network, allowing it to offer Australian and New Zealand brands direct access to Genius’s premium audience, further solidifying Vinyl Media’s position as a leader in the digital media and advertising space.
Joel King, COO of Vinyl Group, said: “Our new ad representation deal with Genius reinforces Vinyl Media’s leadership in the music, culture, and entertainment space. We are focused on scaling Vinyl Media’s commercial offering, and this partnership is a testament to that ambition.”
The latest announcement comes off the back of Vinyl Group’s recent launch of Vinyl Media, a premium publishing and culture house for advertisers to engage with audiences across a diverse range of profiles. Key recent appointments have seen Batoul Peters promoted to Head of Commercial Operations, Brad Arnold promoted to Head of Studio & Projects, while Marcus Allen has been promoted to Group Partnerships Manager in Victoria and QLD.
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