BREAKING NEWS: Time Out Doesn’t Want to Die!
So it’s Seeking Cash to Expand Online
Maybe the founder of Time Out NY, Tony Elliot, read the current issue of his magazine, went to a psychic on his corner, and found out he was totally screwed if he didn’t figure out his long-term online plan?
The news that Time Out is expanding online, originally reported by Jeff Bercovici at Portfolio, is another sign that publishers know they have to learn how to live in the digital world or they won’t survive. Time Out plans to raise $40- $60 million in capital and use that cash to expand online in six new U.S. cities including L.A., Dallas, Boston, San Francisco, Seattle and Miami. Currently, the magazine has U.S. editions in NY and Chicago.
Meanwhile, the ex-editor of Time Out NY, Brian Farnham, has an online plan of his own up his sleeve. He refused to let anyone know where he was going when he left TONY earlier this year, but Folio reports that he is now with an online news information site called Polar News.
Farnham sent around a classified ad for the start-up and one of the requirements for that the person is to understand the term “hyperlocal” and its potential. Sounds like a potential TONY competitor to me!
