The USA TODAY Travel Media Group acquires 10Best.com

January 19, 2013 — Fusion DigiNet

USA TODAY LOGOThe USA TODAY Travel Media Group has acquired 10Best.com. Terms of the acquisition were not disclosed.

10Best.com provides users with original, unbiased, and experiential travel content of top attractions, things to see and do, and restaurants for top destinations in the U.S. and around the world. The content is produced by writers living in the city they write about. In 2012, 10Best.com averaged more than 700,000 monthly unique visitors generating approximately 28 million page views.10best

10Best.com will continue as a standalone travel media site and its content will be featured in USA TODAY Travel Media Group travel products. The content will also be used across other Gannett media outlets.

“As we welcome the 10Best brand and team into the USA TODAY family, we believe their expertise in fresh, useful and engaging travel content will greatly contribute toward expanding our product offerings,” said John Peters , president of USA TODAY Travel Media Group. “Travel is in the DNA of USA TODAY and for decades we’ve been providing our audience with helpful and easy to use travel content. 10Best fits very well into our overall travel strategy as we continue to expand our digital portfolio of travel news, products and services.”

USA, McLean, VA

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LexisNexis® to Sell its Screening Solutions Portfolio to Symphony Technology Group

January 18, 2013 — Fusion DigiNet

lexisnexisReed Elsevier’s LexisNexis Risk Solutions has sold its LexisNexis screening business to the Palo Alto-based private equity firm Symphony Technology Group (STG). STG plans to combine LexisNexis screening with its portfolio company, First Advantage.

Terms of the deal were not disclosed, but the FT is reporting that analysts at UBS valued the screening unit at up to $300m, based on estimated revenues of $180m and earnings before interest, tax and amortisation of $30m.symphonytg

“The decision to sell the screening business came after a careful review of the needs of the business and the strategic goals we have in place,” said Mark Kelsey, CEO, LexisNexis Risk Solutions. “While the screening business has been a significant offering within the LexisNexis portfolio, there is greater long-term opportunity for the business with an organization like First Advantage, which is focused on bringing background screening solutions to the marketplace.”

“The combination of these two leading companies will transform how employers select and screen their employees, dramatically improving the quality of their talent and their recruiting processes and productivity,” said Dr. Romesh Wadhwani, Chairman and CEO of Symphony Technology Group. “The customers of First Advantage and LexisNexis Risk Solutions now have access to the industry’s broadest set of services and expertise and the best technology and solutions for acquiring and retaining the best and most skilled talent available.”

USA, Atlanta, GA & Palo Alto, CA

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The $80M merger of Viggle and GetGlue is Terminated

January 17, 2013 — Fusion DigiNet

viggleThe $80M merger of Viggle and GetGlue is Terminated. Why the deal is off is not clear.

On Sunday the GetGlue blog said “We are moving forward as an independent company.”

Today a short announcement was issued by Viggle in which Robert F.X. Sillerman, Executive Chairman and CEO of Viggle said;

“During the time we started talking to GetGlue about an acquisition and since the merger agreement was signed in November, we have getglueseen impressive growth in our business”

“During the time we started talking to GetGlue about an acquisition and since the merger agreement was signed in November, we have seen impressive growth in our business,” Sillerman said. “We are pleased with this positive momentum.” He added that the termination of the agreement was cordial. “We wish GetGlue and Alex all the best.”

Previous DigiNet reporting – Viggle to acquire GetGlue for $25M cash and 48.3M shares

USA, New York, NY

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Shutterfly Acquires ThisLife

January 14, 2013 — Fusion DigiNet

shutterflyShutterfly has acquired ThisLife, a cloud-based solution offering intuitive photo and video organization, storing and sharing.

“Since 1999, Shutterfly has made it easier for consumers to be more creative with their memories,” said Jeffrey Housenbold, president and chief executive officer of Shutterfly. “The combination of ThisLife’s best in class cloud organization and storage solution with Shutterfly’s award-winning product creation paths, uniquely positions Shutterfly to be the leading full service solution for storing, organizing, and sharing life most important memories.“this life

In the coming months, Shutterfly will add ThisLife’s technology to the Shutterfly platform. ThisLife’s intelligent organization platform offers features like facial recognition and presents photos and albums in an elegant timeline for convenient sharing and product creation. ThisLife’s employees, including founders Andrea and Matt Johnson, will join Shutterfly.

The company will share additional details about the acquisition on its Q4 2012 earnings call.

USA, Redwood City, CA

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Centaur Media PLC – half year trading update

January 11, 2013 — Fusion DigiNet

Centaur Media plccentaur, the business information, events and marketing services group, has issued a trading update for the six months to 31 December 2012.

The Group expects to report results in line with the Board’s expectations, with reported revenues 14% ahead of the same period last year and EBITDA margins increased to 10% from 6%. Underlying revenues across the Group as a whole declined by 3%.

The Group has continued to maintain good momentum in improving its revenue mix. Digital and events revenues now account for 39% and 28% respectively of total Group revenues, up from 32% and 22% in the same period last year. Over the same period, the share of total Group revenues generated in print format has reduced, as expected, to 31% from 45%.

The improving mix of revenues in favour of events and paid-for content has also increased levels of visibility into the second half of the financial year.  Deferred revenues at 31 December 2012 were approximately £15m, 30% ahead of the same period last year.

Growth in underlying revenues across the Business Information and Exhibitions divisions has been offset by weaker revenues across the Business Publishing financial and marketing communities. Reported revenues across the Business Information division are substantially up, reflecting the impact of recent acquisitions, despite the deferral of some corporate training engagements into H2.

Net debt at 31 December 2012 was £24.5m, representing leverage of approximately two times. The Group’s earnings and cash flows continue to be weighted towards the second half of the financial year and leverage is expected to fall rapidly in the next six months.

As anticipated, the Group will report exceptional costs for the first six months of the year related to reorganisation costs, IFRS3 earn-out charges and acquisitions.

Geoff Wilmot, Chief Executive, said:

“We have maintained momentum in improving the quality of our portfolio of activities as we continue to grow revenues from digital and events. We continue to focus on increasing margins and we have a strong pipeline of new product development initiatives which positions us well to deliver further growth in the medium term.

“We anticipate trading to be in line with our expectations for the current financial year, although the second half of our financial year continues to account for the large majority of our earnings.”

The Group expects to release its half yearly earnings report on 20 February 2013.

UK, London

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DMGT annual report and M&A update

January 10, 2013 — Fusion DigiNet

DMGTDMGT has published its 2012 Annual Report and Accounts for the year ending 30th September 2012.

Scroll down the page for the DMGT M&A report

Financial Highlights

  • Revenue 2012 – £1,960 million
  • Revenue 2011 – £1,985 million
  • Adjusted operating profit 2012 – £300 million
  • Adjusted operating profit 2011 – £281 million
  • Adjusted profit before tax 2012 – £255 million
  • Adjusted profit before tax 2011 – £232 million
  • Statutory profit before tax 2012 – £206 million
  • Statutory profit before tax 2011 – £126 million
  • Adjusted earnings per share 2012 – 49.4p
  • Adjusted earnings per share 2011 – 46.1p
  • Dividend per share 2012 – 18p
  • Dividend per share 2011 – 17p

Business Highlights

  • Percentage of digital revenue 2012 – 35%
  • Percentage of digital revenue 2011 – 32%
  • Total number of employees 2012 – 11,600
  • Total number of employees 2011 – 12,000
  • Profit split by B2B and B2C 2012
    • B2B 73%
    • B2C 27%
  • Profit split by B2B and B2C 2011
    • B2B 734%
    • B2C 26%

You can see the full interactive annual report here

M&A Report

For the fourth consecutive year disposal proceeds at DMGT have exceeded acquisition costs.

DMGT made a range of disposals, acquisitions and selective investments throughout the year. They announced a series of bolt-on acquisitions at dmg::information including Intelliworks,PrepMe and SpringRock. Euromoney acquired Global Grain Geneva and Global Grain Asia (a Fusion deal) and A&N Media acquired Jobrapido.

DMGT also announced the merger of online property portal, The Digital Property Group, with Zoopla.

dmg::information also made a series of investments in the US property market through Xceligent, Real Capital Analytics and BuildFax. In total, acquisitions, including a slight increase in their shareholding in Euromoney to offset dilution from incentive plans, utilised £75 million of cash.

Following the year-end DMGT made a further bolt-on investment at Hobsons with their acquisition of the US website Beat the GMAT.

DMGT also made a number of disposals.. Disposals in the early part of the year were primarily focused in Associated (Top Consultant, motors.co.uk and Teletext) whilst in the second half of the year they announced the disposal of the remaining stake in DMG Radio Australia and the sale of dmg::event’s Evanta leadership and conference business. Total disposal proceeds amounted to £125 million.

Post year-end on 21st November, 2012 DMGT announced they had reached agreement to sell Northcliffe Media, to Local World, a newly formed media group. DMGT will receive consideration of £52.5 million in cash and a 38.7% shareholding in Local World, which will allow DMGT to benefit from the potential upside from the evolution of the regional newspaper industry.

UK, London

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Demand Media Acquires Name.com

January 9, 2013 — Fusion DigiNet

DemandMediaDemand Media, a digital media company, has acquired Denver-based Name.com, a domain name registrar. Terms of the deal were not disclosed.

Founded in 2003, Name.com customers have registered nearly 1.5 million domains, and use the company’s tools and services to grow nametheir online presence. As the second largest registrar in the World, Demand Media’s eNom subsidiary has over 13.5 million domain names on its platform registered by over 8,800 resellers and partners.

“Name.com will provide a direct channel for us to reach consumers and small businesses as they develop and manage their online identities,” said Richard Rosenblatt, chairman and CEO, Demand Media. “This becomes even more valuable as over one thousand new domain extensions are expected to become available for registration in the years ahead.”

Demand Media will retain the Denver-based team and the business will report to Taryn Naidu, executive vice president, Registrar Services. “Our strategy is to provide an end-to-end solution for all things domains — whether you are looking to consume or distribute names and services,” said Naidu. “Name.com brings innovation, creativity and a deep commitment to their customers – factors which we believe are essential in the environment of new gTLDs.”

USA, Santa Monica, USA

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InMobi acquires Overlay Media

January 9, 2013 — Fusion DigiNet

inmobiIndependent mobile advertising network InMobi has acquired Overlay Media. Terms of the deal were not disclosed.

Overlay Media is a developer of mobile data analytics based technologies. The company’s flagship product, the Context Engine, enables intelligent on-device behaviour, wiser use of battery power and increased personalisation.

Naveen Tewari, Founder and CEO at InMobi said, “We are excited to add amazing talent to InMobi. This overlaylogoacquisition, along with Metaflow Solutions and MMTG Labs, will help us to continue to be at the forefront of delivering highly engaging content to consumers globally.”

The Overlay Media team will be based from the InMobi London EMEA HQ.

Singapore & UK, London

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IAC acquires Tutor.com

January 7, 2013 — Fusion DigiNet

IACIAC has acquired Tutor.com, an online tutoring solution. Terms of the deal were not disclosed.

Founded in 1998, Tutor.com connects students anytime, anywhere with more than 2,500 screened and qualified tutors for immediate one-to-one sessions. Historically focused on core K-12 subjects, Tutor.com has more recently expanded into AP courses, test prep, college-level curriculum, and real-time writing help.

“Tutor.com has done the hard part, having built over many years an incredible nationwide network of high quality tutors ready to help tutorstudents improve their learning,” said Greg Blatt , CEO of IAC. “We think it’s ripe for us to accelerate usage by bringing to bear our consumer Internet expertise in areas like product, marketing and distribution. It’s not often we find a company with such untapped potential that our particular skill set can help unlock, in an area that truly helps people improve their lives, all at a compelling valuation. Although it’s small, we’re excited about the acquisition.”

George Cigale will remain CEO and continue to run the business from Tutor.com’s offices in New York City.

USA, New York, NY

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DMGT has completed its disposal of Northcliffe Media to Local World

January 7, 2013 — Fusion DigiNet

Previous reporting: Local World to acquire the regional publishing assets of Northcliffe and Iliffe Posted on November 21, 2012

DMGTDMGT has completed the disposal of Northcliffe Media, its regional newspaper business, to Local World. DMGT received cash proceeds of £52.5 million and shares representing a 38.7% stake in Local World, as indicated in the 21 November, 2012 announcement.

The Iliffe family, owners of Yattendon Group, have sold Iliffe News & Media to Local World in exchange for a 21.3% shareholding in the new business and Trinity Mirror has acquired a 20% shareholding. The remaining Local World shares were purchased by other investors including Artefact Group, an Investment Fund associated with Lord Ashcroft, and Odey Asset Management.

Northcliffe Media earned operating profits of £26 million from revenues of £213 million in the 12 months to September, 2012. DMGT localworldalso incurred £10 million of exceptional operating costs in respect of Northcliffe Media during the year. Local World’s pro forma combined operating profits are £29 million on revenues of £249 million for the year to 30 September, 2012.

DMGT has agreed with the Trustees of the Pension Funds affected that £30 million of the cash proceeds from the disposal will be paid into the Pension Funds. £15 million will be paid in the current financial year, of which approximately £5 million will be paid in respect of the Section 75 Employer’s Debt which arises as a result of the employees of Northcliffe Media leaving the Pension Funds. This follows a reorganisation of the Group in 2011 under which responsibility for the majority of the liabilities was apportioned to DMG Holdings Limited. The remaining £15 million will be paid in the 2013/14 financial year.

Key terms:

  • DMGT will to sell Northcliffe Media, its regional newspaper business for £52.5m in cash and a 38.7% shareholding in Local World. For the financial year ended 30 September 2011, Northcliffe Media had gross assets of £32m and made an operating profit of £17m.
  • The Iliffe family, owners of Yattendon Group, will sell Iliffe News & Media to Local World in exchange for a 21.3% shareholding in the new business.
  • Trinity Mirror will acquire a 20% shareholding in Local World for £14.2 million.
  • The remaining Local World shares will be purchased by other investors including Artefact Group, an Investment Fund associated with Lord Ashcroft, and Odey Asset Management.
  • Steve Auckland, currently Chief Executive of Northcliffe, will become CEO of Local World. Rachel Addison, Group Finance Director of Northcliffe, will assume the same role at the new company alongside a board of directors drawn from the main shareholders. The company will be chaired by David Montgomery.

Local World will become the fourth-largest regional newspaper publisher in the UK, with more than 107 print titles and 60 websites. DMGT will contribute more than 80 titles to the new venture, with another 36 coming from Iliffe News & Media.

The Local World transaction follows the disposal in November 2012 of Associated Neswpapers’ digital assets in central and eastern Europe for cash proceeds of € 32 million (£27 million). During the year to 30 September, 2012 these businesses accounted for £1.8 million of operating profit, £0.5m of share of profits from associates and £6 million of revenues.

UK, London

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