Vinyl Group has signed a binding agreement to acquire media trade publication Mediaweek for a sum of $1M, to be evenly split between cash and script.

It comes a month after the publication was thrown into scandal after general manager and owner Trent Thomas found himself at the centre of sexual harassment and bully claims following an investigation by a third-party human resources firm. As reported by the AFR, the investigation saw to an overhaul of Mediaweek's human resources policies and complaints procedures, and required additional training for staff. Thomas has since stepped back from the organisation, followed by multiple resignations from the publications editor, as well as several columnists.

Mediaweek will join Vinyl Group's publishing portfolio alongside Brag Media and B2B titles The Music Network and Variety Australia, bringing with it a number of assets including a popular events calendar featuring Mediaweek 100 and the Next of the Best Awards. The acquisition is projected to add $2.2M in revenue to the company's coffers.

Several Mediaweek employees will join Vinyl Group as part of the deal, meanwhile, Thomas will remain with Chatt Pty Ltd and the Chatt website.

CEO of Vinyl Group, Josh Simons, said: "Mediaweek will join Vinyl Group with a mission to accelerate our trade media and events business in Australia and improve margins across these pillars. This acquisition follows a review of our media arm earlier in the year, which identified several opportunities to enhance the efficiency and reach of these operations. Further synergies are expected to be unlocked and we look forward to announcing a managing editor of Mediaweek following completion. This strategic asset purchase demonstrates our commitment to growing our global music and media tech portfolio."

The acquisition is expected to be completed by no later than 30 September 2024.