Sally Jackson | April 03, 2008
IN the year it celebrates its 25th birthday, TNT Magazine, the bible for Australians, New Zealanders and South Africans living in London, has an antipodean hand behind it for the first time.
Perth-born Tony Goodman, 34, is one of a trio of magazine executives that last month bought the TNT brand name and its associated assets from the Trader Media Group for an undisclosed, multimillion-pound sum.
The group's Red Reef Media was looking for further acquisitions, and in particular wanted to expand its portfolio of travel and recruitment websites, Mr Goodman said.
"The brand is so well known for independent travel within the Australian, New Zealand and South African markets and we see opportunities in those areas, especially online," he said.
"We have opportunities in all those markets and we're not sure which one we will pursue first."
Mr Goodman, who worked on TNT six years ago before becoming Trader's head of marketing, heard last May Trader wanted to sell the magazine and had been working on buying it ever since.
"TNT never really fitted into (Trader's) stable of titles," he said. "It had been left on its own and the brand was suffering from not being fully developed and from a lack of investment.
"(Trader's) goal was to refocus on the core auto-trader brand and products and there was no cultural fit for TNT. I was one of the only people around who was able to see the opportunity and also have the experience to mount a bid to buy it."
Goodman formed Red Reef Media with James Murray-Jones, previously digital publishing director at British specialist publisher Haymarket, and executive chairman Phil Parker, formerly group publishing director for Dennis Publishing's motoring division.
At first their timing looked dire, with the subprime loans crisis in the US leaving the British investment market in the grip of a credit crunch. But the group found backing from boutique investment firm Acuity Capital.
"It was quite a task going to town with the current credit crisis. It's a testament to the brand and to the people who work there that the deal went through," Mr Goodman said.
"To pull off a deal in that sort of environment has given us great strength and belief that we can really do something in the next two years."
TNT Magazine started in 1983 offering information on travel, jobs, accommodation, lifestyle and entertainment in London for expat Australians, New Zealanders and South Africans, as well as carrying news and sport from home. It is distributed free every Monday in 711 locations and has a weekly readership of 294,800.
The TNT group, which is based in London's Earl's Court and employs about 50 people, also publishes several guidebooks and websites and runs events.
Recently it signed with Fremantle Media Australia to promote and host London auditions for Network Ten TV show Australian Idol.
Having an Australian as one of the group's owners was of more than just symbolic significance, Mr Goodman said.
"The past ownership didn't have the cultural understanding of the areas required for this publication," he said. "We have travel in our blood, we know what the core audience is after."