A Fusion Deal: Incisive Media has sold Accountancy Age and Financial Director to Blenheim Chalcot and its portfolio company Contentive.

October 11, 2015 — Fusion DigiNet

Fusion only - logoFusion Corporate Partners are pleased to announce the completion of the sales of two Incisive Media businesses to Blenheim Chalcot and its portfolio company Contentive.

Accountancy Age and Financial Director

accountancy ageFusion Corporate Partners acted as corporate advisor for Incisive Media. The Fusion team was led by Mark Eisenstadt, director at Fusion. The terms of the deals were not disclosed.

Charles Mindenhall, the Blenheim Chalcot co-founder, said: “We are delighted to welcome our new colleagues at Accountancy Age and Financial Director. We are looking forward to continuing to grow and develop these great businesses, serving the accounting and financial director communities worldwide.”

Tim Weller, Chairman & CEO, Incisive Media said: “The founders of Blenheim Chalcot, who recently acquired ClickZ and SES from Incisive Media, have an extraordinary track record of building and developing successful businesses and I could not think of a better new owner of Accountancy Age and Financial Director. Blenheim Chalcot will continue to invest in and develop the brands. I would like to thank the team for their loyalty and hard work over the years and wish them well in their new home.”

Blenheim Chalcot is headquartered in London and traces its roots back to netdecisions, the internet services group founded in 1998. Since then, Blenheim Chalcot has built more than 25 businesses in a variety of sectors, including IT services and outsourcing, financial services, education, travel, software, sport and media. Today, Blenheim Chalcot’s companies have sales of over £300m and employ in excess of 3,000 people. Working with entrepreneurs and co-founders, Blenheim Chalcot continues to create and build businesses in these sectors, often from the ground up, and is now one of the leading venture builders in the world.

Contentive is a digital media company, specialising in B2B publishing and information. It provides an engaging mix of news, events, intelligence and training, across digital marketing, digital finance and other business verticals. Its products and services help professionals excel in a world being transformed by digital – and its tools and platform provide marketers with access to clearly defined audiences.

UK, London

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Gannett to buy Journal Media Group for $280 million

October 7, 2015 — Fusion DigiNet

Gannett Co., Inc. is to acquire all of the outstanding common stock of Journal Media Group for approximately $280 million, net of acquired cash.

Journal Media Group shareholders will receive cash of $12.00 per share in cash. Based on the closing price of Journal Media Group on October 7, 2015, this represents a premium of 44.6%. Gannett will finance the transaction through a combination of cash on hand and borrowings under Gannett’s $500 million revolving credit facility.

Robert J. Dickey, president and chief executive officer of Gannett said, “The publications of both Gannett and Journal Media Group have a rich history, a commitment to journalism, and a dedication to informing and being active members in the communities we serve. Our merger will combine the best of each of our organizations to create a journalism-led, investor-focused company which will provide substantial value to the shareholders of both companies. This transaction is an excellent first step in the industry consolidation strategy we have communicated to our shareholders and is a good example of the value-creating opportunities we believe are available.”

The combination of Journal Media Group and Gannett will create a portfolio of 106 local markets in the U.S. and will result in a combined digital audience of more than 100 million unique domestic visitors a month. The acquisition will also enable the combined company to realize significant operating efficiencies. The properties in Journal Media Group’s markets will benefit from the consolidated functions Gannett has established over the last several years. Additionally, the regional proximity of some of the Journal Media Group markets will also enable Gannett to further utilize its printing and distribution assets.

Financial Highlights

  • Adds approximately $450 million to Gannett’s annual revenues.
  • Adds approximately $60 million of adjusted EBITDA, including over $10 million of immediately available synergies.
  • Opportunity for approximately $25 million of additional operating synergies to be fully realised over the next two years via the consolidation of corporate and administrative operations, integration with the Gannett shared service centers and consolidation of certain printing and distribution assets in multiple adjacent markets.
  • Immediately EPS accretive: approximately $0.10 – $0.15 per share in the first full year and $0.20 – $0.25 in the second year.

Strategic Highlights

  • Adds 15 dailies and 18 weeklies in 14 local markets, in nine states.
  • Adds daily and Sunday circulation of approximately 675,000 and 950,000, respectively.
  • Adds more than 10 million unique digital domestic visitors a month.
  • Leverages Gannett’s existing content and national USA TODAY brand, enables the integration of Journal Media Group properties onto Gannett’s Digital Platform, and delivers additional scale for National-to-local strategy.

USA, McLean, VA & USA, Milwaukee

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Axel Springer to acquire stake in Thrillist Media Group

September 30, 2015 — Fusion DigiNet

Axel Springer SE is to acquire a minority interest in New York City-based Thrillist Media Group, a digital media company and lifestyle destination for millennial men. Once completed, it will make Axel Springer the largest outside investor in Thrillist Media Group.

Thrillist was founded in 2005 by Ben Lerer, CEO, and Adam Rich, Editor-in-Chief. It reaches 15 million monthly unique visitors to Thrillist.com, and over 80 million a month across its digital, social and mobile platforms, TMG operates the popular lifestyle portal Thrillist along with related daily newsletters and mobile app, with a focus on the sought-after demographic of 18 to 34-year-old men. Thrillist has local editions covering more than 35 cities in the U.S. and Europe. In the last year, Thrillist traffic has seen 100 percent year-over-year growth, with more than 66 percent of traffic coming from mobile.

Mathias Döpfner, CEO of Axel Springer SE, said, “The investment in Thrillist is a further step we are taking to expand our global footprint as a digital publisher, especially in English-language markets. Thrillist has become a first choice, particularly among millennial men. We see strong further potential and are looking forward to close cooperation with Ben, Adam and the whole Thrillist team.”

Ben Lerer, Co-Founder and CEO of Thrillist Media Group, commented, “We are very excited about this announcement. Axel Springer’s track record of success and its deep understanding of the digital media landscape make it an ideal partner as well as a huge asset for our media team as we continue to expand our rapidly growing business.”

The company’s related e-commerce business, JackThreads, is not part of this investment and will in the future be operated as a separate company.

Completion of this transaction is expected in early October.

Germany, Berlin & USA, New York, NY

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Axel Springer acquires Business Insider

September 29, 2015 — Fusion DigiNet

Axel Springer SE is acquiring approximately 88 percent of the shares in New York City-based Business Insider, the digital offering for business news in the U.S.

The purchase price based on 100 percent of Business Insider amounts to USD 442 million (currently approximately EUR 395 million) on the basis of a cash and debt free valuation of USD 390 million (currently approximately EUR 348 million). The valuation corresponds to an amount of USD 343 million (currently approximately EUR 306 million) for the 88 percent of the shares that Axel Springer is acquiring. Axel Springer already holds a stake of approximately nine percent in the company and, after this purchase, will hold a stake of approximately 97 percent. Bezos Expeditions, the personal investment company of Jeff Bezos, will hold the further shares.

Henry Blodget, Founder, Chief Executive Officer and Editor-in-Chief, and Julie Hansen, Chief Operating Officer and President, will continue to lead Business Insider in their respective roles. They will also remain significantly invested in Business Insider through an extensive, long-term equity incentive. Kenneth Lerer, Managing Partner at leading early-stage technology venture capital firm Lerer Hippeau Ventures, Co-Founder of Huffington Post and Chairman of Buzzfeed, will receive a seat on the Board of Business Insider.

Mathias Döpfner, CEO of Axel Springer SE: “With the acquisition of Business Insider, we continue with our strategy to expand Axel Springer’s digital reach and, as previously announced, invest in digital journalism companies in English-speaking regions of the world. Business Insider has set new standards in digital business journalism globally. Henry Blodget’s way of digital storytelling reaches tomorrow’s decision-makers. Combining our forces will allow us to unlock growth potential and expand Business Insider’s portfolio to new verticals, new locations and new digital content. We look forward to working together with Henry Blodget, Julie Hansen and the exceptional Business Insider team to continue shaping the future. At the same time, I am thrilled to have our close partner Ken Lerer joining us.”
Business Insider was launched in 2007 by Henry Blodget, Kevin Ryan and Dwight Merriman. It employs more than 325 people, approximately 50 percent of whom are journalists. In addition to its U.S. news sites, the company has a growing international presence, with local editions or licenses in seven other countries. A German edition will be introduced in the fourth quarter of this year and will be operated by finanzen.net, a company of Axel Springer SE. Editions for other countries are in development.

Germany, Berlin & USA, New York, NY

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Axel Springer and ProSiebenSat.1 acquire shares in the American virtual reality specialist Jaunt VR

September 21, 2015 — Fusion DigiNet

Axel Springer SE and ProSiebenSat.1 Media SE have each acquired a minority shareholding in Jaunt, an American start-up that specialises in the creation and distribution of virtual reality content.

Working with media companies, advertisers and artists, and using in-house developers camera and software technology, Jaunt produces high-quality virtual reality content and releases this via the Jaunt distribution platform. To date, videos are primarily receivable through the Jaunt Smartphone app using Cardboards. In future they will however also be available directly on Virtual Reality headset displays such as the “Oculus Rift”.

Following the joint Media-for-Equity shareholding in the DEAG subsidiary MyTicket and the co-investment in Klaus Hommels’ LAKESTAR II Internet fund, the participation in Jaunt is a third measure in the joint initiative by Axel Springer and ProSiebenSat.1 to promote digital growth companies.

Alongside Axel Springer and ProSiebenSat.1, The Walt Disney Company, Evolution Media Partners and China Media Capital are also taking part in the current investment round in Jaunt. Other investors include Google Ventures, Highland Capital, Redpoint Ventures and Sky, as well as prominent angel investors such as Jared Leto.

Anton Waitz, Managing Director of Axel Springer Digital Ventures Inc.: “Jaunt is an exciting new component in the portfolio of our early-stage investments. We are investing in a market, which can change media use over the next few years: Virtual Reality will provide creative pioneers in the entertainment and news industry with completely new ways of pleasing their audiences.”

Dr. Hanno Fichtner, Chief Digital Strategy Officer of ProSiebenSat.1 in San Francisco: “The investment in Jaunt is an investment in the future of entertainment for ProSiebenSat.1. Virtual reality will trigger an entertainment revolution similar to what our core media of TV did. Jaunt is perfectly positioned in this market and has raised the quality of virtual reality experiences to the next level.”

Jens Christensen, CEO and co-Founder of Jaunt: “We are excited to have Axel Springer and ProSiebenSat.1, two leading and innovative media companies, as a part of this strategic investor round. As we continue to build upon our leadership position, delivering amazing virtuality reality experiences to audiences worldwide, we are pleased to have these strong European partners on our side.”

Germany Berlin & USA, Palo Alto, CA

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AOL to acquire Millennial Media

September 3, 2015 — Fusion DigiNet

AOL is to acquire Millennial Media, Inc., an end-to-end mobile platform, for $1.75 per share of Millennial Media common stock.

AOL was acquired by Verizon Communications earlier this year for an estimated total value of approximately $4.4 billion.

“AOL is well positioned as consumers spend more and more time on mobile devices, and as advertisers, agencies and publishers become more reliant on programmatic monetization tools,” said Bob Lord, President, AOL. “As we continue to invest in our platforms and technology, the acquisition of Millennial Media accelerates our competitive mobile offering in ONE by AOL and enhances our current publisher offering with an ‘all in’ monetization platform for app developers.”

Founded in 2006, Millennial Media is headquartered in Baltimore, MD and has additional U.S. offices in Atlanta, Boston, New York and San Francisco, and international offices in Hamburg, London, Paris, Singapore and Tokyo. Millennial Media’s portfolio of assets includes acquisitions of TapMetrics, Condaptive, Metaresolver, Jumptap and Nexage.

The transaction will take the form of a tender offer followed by a merger, with Millennial Media becoming a wholly owned subsidiary of AOL upon completion.

 

USA, New York, NY & Baltimore, MD

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Progressive Digital Media Group completes the acquisition of Datamonitor Financial, Datamonitor Consumer, MarketLine and Verdict businesses from Informa

September 1, 2015 — Fusion DigiNet

Progressive Digital Media Group plc has completed the acquisition of Datamonitor Financial, Datamonitor Consumer, MarketLine and Verdict businesses from Informa plc.

The sale was effected by Informa transferring the above named businesses to Verdict Research Limited, the entire share capital of which was acquired by Progressive. Progressive paid £25.0 million in cash. For the financial year ended 31 December 2014, the pro-forma revenues for the businesses being acquired were approximately £17.8m and adjusted earnings (excluding central overheads) were circa £3.0m.

Commenting on the acquisition Simon Pyper, Chief Executive of Progressive Digital Media, said: “The acquisition of these businesses will broaden Progressive’s Consumer offering, providing scale and additional categories in an important industry sector. This acquisition will be our largest to date, yet of all the companies acquired by Progressive, these businesses are the ones we are most familiar with. Whilst some investment will be required this year and next, the Board is confident that this acquisition will provide a platform for further growth.”

Michael Danson, Executive Chairman of Progressive Digital Media Group plc, was chief executive of Datamonitor when the business was sold to Informa for a reported £502 million in 2007.

UK, London

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Pearson agrees to sell 50% stake in The Economist Group

August 13, 2015 — Fusion DigiNet

EconomistPearson has agreed to sell its 50% stake in The Economist Group for £469 million, payable in cash.

EXOR S.p.A. has agreed to purchase 27.8% of The Economist Group’s Ordinary shares for consideration of £227.5 million and all of the B special shares for consideration of £59.5 million from Pearson. Pearson’s remaining Ordinary shares will be repurchased by The Economist Group for a total consideration of £182 million.

The sales comes just weeks Pearson sold the Financial Times to Nikkei for £884 million.

The Economist Group is a leading source of analysis on international business and world affairs, delivered through a range of publications and services including: The Economist newspaper, one of the world’s leading weekly business and current affairs publications with a circulation of around 1.6 million; Economist.com; the Economist Intelligence Unit; CQ Roll Call and TVC.

Pearson reports its stake in The Economist Group as an associate and includes 50% of its profit after tax in operating income. In 2014, The Economist Group contributed £21 million to Pearson’s operating income and approximately 3 pence to adjusted earnings per share. At 31 December 2014, the carrying value of Pearson’s investment in The Economist Group was £nil.

John Elkann, Exor’s chief executive, said: “By increasing our investment in The Economist we are delighted to affirm our role as one of the Group’s long-term supportive shareholders, along with the Cadbury, Layton, Rothschild and Schroder families and other individual stable investors.

The transaction is subject to a number of regulatory approvals and to approval by both a 75% majority of The Economist Group shareholders and the group’s independent trustees. The provisions of the City Code on Takeovers and Mergers do not apply to The Economist Newspaper Limited. The transaction is expected to close during the fourth quarter of 2015.

UK, London & Italy, Turin

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LexisNexis to acquire MLex

July 28, 2015 — Fusion DigiNet

 

Legal & Professional has acquired MLex, a global legal media organization providing market insight, analysis and commentary on regulatory risk. the terms of the deal were not disclosed.

“Access to breaking news and expert analysis of the latest developments in regulatory risk is becoming ever more critical for our customers,” said Mike Walsh, CEO of LexisNexis Legal & Professional. “With the addition of MLex, LexisNexis will be able to provide global in-depth coverage of key developments in regulatory risk allowing our clients to keep abreast of the changing regulatory landscape. MLex’s regulatory news offerings will be a great complement to our leading portfolio of news assets including Law360, Nexis and Moreover.”

 

MLex focuses on providing insight, analysis, and commentary into key developments in regulatory risk. They employ an investigative approach combined with in-depth, forensic coverage of cases via a team of expert reporters, qualified lawyers and industry experts in more than a dozen bureaus around the world, including Brussels, Washington DC, Sao Paolo, Hong Kong and San Francisco.

USA, New York, NY

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IHS acquires RootMetrics

April 20, 2015 — Fusion DigiNet

ihs_logo_mpIHS Inc. has acquired mobile network analytics company RootMetrics. The terms of the deal were not disclosed.

RootMetrics offers highly detailed network analytics on a subscription basis to mobile operators and infrastructure providers in the U.S. and U.K. The company will remain headquartered in Bellevue, Washington, and will continue to operate with the RootMetrics brand name. The company employs rm-logo170 colleagues based mostly in the U.S., with a growing presence in the U.K.

USA, Englewood, CO & Bellevue, WA

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