Vinyl Group Ltd (ASX:VNL) agreed to acquire Seventh Street Media Pty Ltd for AUD 10 million on December 21, 2023. Under the terms of agreement, Vinyl Group will pay AUD 8 million in cash as upfront consideration and AUD 2 million as deferred payment in cash or stocks on The Brag Group achieving specified revenue and EBIT targets for the Calendar Year 2024. The consideration will be funded by placement and debt facility of AUD 11 million.

The Brag Media generated AUD 8.39 million in revenues and AUD 334,824 in net profit for FY 2023. The transaction is expected to close on January 31, 2024.