Rich Lister-backed Vinyl Group buys firm after HR complaints

Vinyl Group, the ASX-listed music company that counts billionaire Richard White as a major investor, has acquired media industry news website Mediaweek after its owner was found to have bullied and sexually harassed staff.

Vinyl told investors it had agreed to buy the Mediaweek brand and its assets for $1 million – $500,000 in cash, $500,000 in scrip. Mediaweek, Vinyl said, made $2.2 million in revenue and $350,000 in profit in the past financial year.