Time lord: US control for Peter Dubens

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Dubens' Oakley Capital investment group already held a 50% stake in Time Out outside North America, including the flagship London magazine, after buying it from founding owner Tony Elliott last November.

Aim-listed Oakley is now taking a 66% stake in Time Out New York as its two existing shareholders cut their stakes.

The deal does not cover Time Out Chicago which is under different ownership.

Dubens said the key challenge was to exploit digital and do a better job of making money out of the relationship with its readers, using the global brand on a local basis.

"We will be able to transact with our customers in 50 cities around the world," he explained.

"If you or I go to Time Out to find out what to do tonight, Time Out doesn't currently capture any of that spend."

The Evening Standard revealed last year that Time Out Group was at risk as a "going concern" if it did not raise fresh funds - before Oakley Capital became an investor. Dubens said: "Time Out is now well capitalised."

Dubens is also a partner in PROfounders, the venture capital group behind London digital firm Tweetdeck, which has just been bought by Twitter for £25 million.