Australia's Vinyl Group jumps on buying digital city guide platform

Vinyl

12/12/2024 02:07

** Shares of Vinyl Group  VNL.AX  rise 7% to A$0.1125, set for
biggest one-day pct gain in more than 2 weeks
** Music co to acquire private digital city guide platform
Concrete Playground in a cash-and-share deal worth A$5 mln
($3.20 mln)
    ** Says the acquisition will broaden its commercial reach by
tapping into Concrete's network of clients
    ** Adds that it will accelerate its timeline to achieving
positive cash flow by six months
    ** Vinyl shares up 59.4% so far this year, including current
session's moves
     
    ($1 = 1.5608 Australian dollars)

(Reporting by Nikita Maria Jino in Bengaluru)
((Nikita.Jino@thomsonreuters.com;))