Future plc has exchanged contracts to sell a portfolio comprising its Auto titles and Triathlon Plus to Kelsey Publishing Limited for a total initial consideration of £2.1m, comprising £1.8m in cash and £0.3m of magazine subscriptions deferred revenue to be retained by Future. In addition, deferred consideration of up to £0.8m is payable by 30 September 2015 based on revenue performance. Completion is scheduled to occur by the end of August 2014. The net proceeds of sale will be used to reduce the Group’s external borrowings.
The Portfolio includes the following: Fast Car, Fast Ford, Classic Ford, Classics Monthly, Total Vauxhall, Mini Magazine, Triathlon Plus, Classic Ford Show, Ford Fair, Japfest, Japfest 2: The Evolution, Performance Vauxhall Show, TRAX: The Ultimate Performance Car Event and associated websites.
In the year ended 30 September 2013 the Portfolio generated revenue of £5.0m and pre-tax profit (post allocation of central Group and corporate costs) of £0.3m. The gross assets of the Portfolio as at 31 March 2014 were approximately £0.3m.
UK, London & Cudham, Kent
- Hearst Magazines UK sells Coast Magazine and transfers Psychologies licence to Kelsey Publishing Posted on May 29, 2012
- Kelsey Publishing acquires Cage and Aviary Birds from IPC Media Posted on September 29, 2010
- Immediate Media Co to acquire Future’s Sport and Craft titles Posted on May 29, 2014
- Immediate Media acquires You & Your Wedding and Prima Baby from Hearst Magazines UK Posted on January 12, 2012
- Profits rise at Future plc Posted on November 22, 2013
- Future acquires APC and TechLife – from Bauer Media Group in Australia Posted on August 16, 2013
- Future plc – interim results for the half-year ended 31 March 2013 May 22, 2013
- Future sells Classic Rock and Metal Hammer Posted on April 2, 2013
- Future plc interim management statement for the period from 1 October 2012 to date Posted on February 4, 2013
- Future Plc preliminary results – earnings boosted by digital growth Posted on November 27, 2012
- Future sells its US Music division to New Bay Media for $3M Posted on January 13, 2012
- Future PLC’s CEO & FD resign Posted on October 27, 2011
- Future Publishing emerges as a contender for BBC Worldwide’s magazine division Posted on February 24, 2011
- Nine Entertainment Co. is to sell ACP Magazines Ltd to Bauer Media Group September 18, 2012
- Marquard Media sells the rights to Olivia magazine to Bauer Publishing Poland Posted on March 8, 2012
- Bauer Media Group acquires women’s monthlies “Olivia” and “Naj Magazyn Posted on February 18, 2012
- Bauer Media on the acquisition trail Posted on June 6, 2011
- More trades exit the race to buy the magazine division of BBC Worldwide Posted on April 7, 2011
- Bauer closes in on BBC Magazines as Future and Burda drop out Posted on March 31, 2011
- Lagardère may sell its portfolio of international titles to either Hearst Corp or Bauer Media Group Posted on December 2110