WiseTech boss funds deal for Brag Media, Rolling Stone AU

The news: One of Australia's wealthiest tech entrepreneurs, WiseTech Global's Richard White, is bankrolling the takeover of the publisher of Rolling Stone Australia and other youth titles.

The numbers: White's RealWise Group is creating shares and a debt facility worth $11 million so that digital music company Vinyl Group can buy The Brag Media for about $10 million. ASX-listed Vinyl Group, until recently known as music credits distributor Jaxsta, will pay $8 million for 100% ownership of The Brag Media. A further $2 million in cash or stock is also payable.

The context: White first invested in Vinyl Group in June, at about the same time the business opened its vinyl.com store for Australia, Canada and the US. White said Vinyl Group chief executive Josh Simons has made substantial business gains since taking his initial investment. The Brag Media titles include TheBrag.com, The Music Network and Tone Deaf. The business also has the Australian arms of titles including Billboard, Music Feeds and Rotten Tomatoes.