The London Times is reporting that Time Out New York is now on the block. The backers of the magazine, which is fond of not paying its freelancers on a timely basis, are hoping that they can sell TONY for $40 million and recoup the 13-year investment. What’s even more interesting is that TONY is allegedly more profitable than the original Time Out magazine based in London. Time Out founder Tony Elliott, who owns one-third of the New York version and cannot afford to buy out his partners, is hoping that he can rustle up some cash. “If somebody offers $10 million, it won’t happen,” says Elliott in the Times article. But given that the Time Out Group Ltd. has shown a loss of £465,000 before taxes during the eleven months leading up to December 2006, perhaps Elliott might wish to be transparent about the current state of his company if he wishes to get more than $10 million. He might also want to start disseminating the measly checks that he still owes to his remaining freelancers to demonstrate his commitment to solvency.
© 2008, Edward Champion. All rights reserved.