Scottish newspaper company DC Thomson has increased its stake in Shortlist Media to 50 per cent.
DC Thomson was already an investor in the publisher of free weekly magazines Shortlist and Stylist, which was launched in 2007.
Shortlist Media now claims to have a staff of 150 and a turnover of £20m.
Chief executive Mike Soutar said: “DC Thomson have been one of our most important investors since launch and I am delighted to now be working with them in a true partnership to accelerate our development. They are a brilliant company with a great history. Our determination to become the best-in-class new media business in the UK remains undiminished and under our new structure we will continue to invest in breakthrough new launches. There are very exciting times ahead.”
DC Thomson chief executive Ellis Watson will become executive chairman of the Shortlist board. He said: "We are delighted to be renewing and strengthening our relationship with a company we have invested in since day one.
"ShortList Media is an amazing success story with a great management team alongside Mike, including co-founder Tim Ewington, managing director Karl Marsden and editorial director Phil Hilton. They have assembled a top class team of editors and publishers and we are thrilled to be backing them to continue their growth.”
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