King joined Time Out as chief finance officer last summer, but today's appointment will see him lead the development of the entertainment listings business now published in 28 countries.
The new chief executive brings more than 14 years' media experience to the role, including nine years as chief finance officer at BBC Worldwide, where he led the controversial acquisition of Time Out's chief rival, Lonely Planet, before becoming managing director of acquisitions.
He has been a non-executive director of DVD publisher 2 Entertain, and TV operator UKTV, as well as holding a number of consultancy and finance roles.
Elliott, who founded Time Out in 1968, will retain his role as chairman and brand guardian.
In the last ABC report for the first half of 2008, the group's flagship title, Time Out London Magazine, had an average circulation of 76,356.
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