destra Acquires 3D World and Oyster Magazine
destra pioneers multi-platform convergence of traditional & digital media
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 & 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,