destra Acquires 3D World, Oyster Magazine
Thursday, 11 October 2007
11 October, Sydney; Australia's leading digital media and entertainment company, destra Corporation Limited (ASX:DES), today announced its acquisition of leading electronic music street press publication, 3D World and high-end design and fashion publication, Oyster Magazine. destra has also acquired the online communities associated with these mastheads - www.threedworld.com.au <http://www.threedworld.com.au/> & www.oystermag.com <http://www.oystermag.com/> .
destra is acquiring 3D World Publishing and Oyster Magazine for an initial consideration of $1.75 million cash and $0.5M in equity. Additional consideration may be payable subject to the achievement of performance targets. The founders, editorial staff and management team of these market-leading youth media mastheads will continue in their current roles.
3D World and Oyster Magazine have long functioned as bibles for Australian youth worshiping at the altars of electronic music, luxury, celebrity and style. 3D World and Oyster have been at the genesis of the rise of Australian youth consumer culture since they first hit the streets and news-stands. As part of destra Media these mastheads will enjoy extension and development as digital publishing and broadcasting platforms.
destra Chairman, Carl Olsen said the acquisition was strategic to destra's position as Australia's leading independent integrated entertainment and digital content business. "destra have illustrated a strong, consistent pattern of investment in profitable content businesses with credibility among niche target audiences. One of our core priorities has been to identify quality media and entertainment assets that can benefit and enjoy growth by leveraging destra's digital platforms. This acquisition extends our capacity to deliver compelling content and create advertising opportunities on a multi-platform basis around targeted, online communities."
destra CEO, Domenic Carosa said, "We are delighted to welcome this outstanding organisation and its team to the destra group. We are excited by the opportunity to develop 3D World and Oyster across multiple media platforms, converging traditional and digital media publishing, for the benefit of audiences and advertisers. There is immediate potential for collaboration between 3D World and our iconic electronic music record label; Central Station Records. Similarly, we envisage collaboration between Oyster Magazine and destra's other fashion media assets such as Fashion TV (on Subscription TV) and www.thescene.com.au <http://www.thescene.com.au/> .
"3D World and Oyster are perfectly positioned to offer their discerning audiences exclusive multi-media experiences - including broadcast entertainment propositions, music, video and interactivity - beyond their print publication. 3D World and Oyster will offer advertisers the capability to credibly reach targeted youth audiences, with unprecedented depth, across an integrated platform of digital and traditional media - leveraging the destra group's capabilities across print, television, radio, web, mobile, recorded audio, video and theatrical distribution.
"destra will expand the distribution of 3D World, on a phased basis, as Australia's national youth street press. We will also continue the expansion of international distribution for OYSTER. "
For over 17 years 3D World has been on the cutting edge of Australian music commentary; reviewing Australian bands, venues and individual artists. 3D World has evolved to become an icon of Australian youth culture. More recently, the website www.threedworld.com.au has developed as a stand-alone online youth magazine - differentiated from 3D World magazine, with unique daily entertainment, news and information updates.
OYSTER is a bi-monthly, high quality gloss, contemporary fashion magazine featuring cutting edge photography, fashion, mu Tags