News Corp to acquire online US real estate business Move

September 30, 2014 — Fusion DigiNet

newscorpRupert Murdoch’s media company News Corp is to acquire Move, an online US real estate business. REA Group Limited, which is 61.6% owned by News Corp and is the operator of the Australian residential property website, realestate.com.au, plans to hold a 20% stake in Move with 80% held by News Corp.

moveThrough realtor.com and its mobile applications, Move displays more than 98% of all for-sale properties listed in the US, sourced directly from relationships with more than 800 Multiple Listing Services across the country. The Move Network of websites, which also includes Move.com, reaches approximately 35 million people per month, who spend an average of 22 minutes each on its sites.

realtorNews Corp will acquire all the outstanding shares of Move for $21 per share, or approximately $950 million (net of Move’s existing cash balance), via an all-cash tender offer. This represents a premium of 37% over Move’s closing stock price on September 29, 2014. REA’s share will be acquired for approximately US$200 million. News Corp intends to commence a tender offer for all of the shares of common stock of Move within 10 business days, followed by a merger to acquire any untendered shares.

For the year ended December 31, 2013, Move reported $227 million in revenues, and $29 million in adjusted EBITDA

“This acquisition will accelerate News Corp’s digital and global expansion and contribute to the transformation of our company, making online real estate a powerful pillar of our portfolio,” said Robert Thomson, Chief Executive of News Corp. “We intend to use our media platforms and compelling content to turbo-charge traffic growth and create the most successful real estate website in the US. We are building on our existing real estate expertise and expect to leverage the potential of Move and its valuable connections with Realtors® and consumers around the country.”

Move owns ListHub, a digital platform that aggregates and syndicates MLS data to more than 130 online publishers, reaching approximately 900 websites.

Move will become an operating business of News Corp and remain headquartered in San Jose, California. The company, started in 1993, has 913 employees.

USA, New York, NY & San Jose, CA

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Moody’s to Acquire Full Ownership of Copal Amba

September 30, 2014 — Fusion DigiNet

moodysMoody’s Corporation is to acquire the remaining outstanding shares of Copal Amba. Moody’s is currently a majority owner of Copal Amba, which was formed through the acquisitions of Copal Partners in 2011 and Amba Investment Services in 2013.

Copal AmbaCopal Amba, a leader in the market for Knowledge Process Outsourcing (KPO), provides offshore research, analytics and business intelligence services to the financial and corporate sectors. Its clients range from global financial institutions and Fortune 100 corporations to boutique investment banks and asset managers.

“Copal Amba has had strong momentum since its formation and has expanded its penetration into the growing market for outsourced financial research, analytics and business intelligence services,” said Linda S. Huber, Executive Vice President and Chief Financial Officer of Moody’s.

The acquisition of the remaining shares is not expected to have an impact on Moody’s earnings per share in 2014 and will be funded from international cash on hand. The terms of the transaction, which is expected to be finalised in Q4 2014, were not disclosed.

USA, New York, NY

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UBM in advanced talks to acquire Advanstar

September 19, 2014 — Fusion DigiNet

UBMUBM is in advanced talks to acquire Advanstar. Reuters is reporting that UBM are paying around $900M for the privately held U.S. trade show organiser.

Advanstar generates roughly $95 million in earnings before interest, taxes, depreciation and amortisation. It has has a portfolio of 54 trade shows, 100 conferences, 30 publications, and almost 200 electronic products and Web sites, as well as educational and direct marketing products and services. Advanstar has approximately 600 employees and currently operates from multiple offices in North America and Europe.

A UBM statement confirming the talks said, “UBM plc notes recent market speculation concerning a potential acquisition of advanstarAdvanstar by UBM. UBM confirms that it is involved in discussions which may, or may not, lead to a transaction. A further announcement will be made in due course, if appropriate.”

This would be the first large acquisition for UBM under its new CEO Tim Cobbold, who started at the company earlier this year after leaving British banknote printer De La Rue.

UK, London & USA, Santa Monica, CA

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Asset International acquires Corporate Insights

September 17, 2014 — Fusion DigiNet

asset internationalAsset International has acquired Corporate Insights. The terms of the deal were not disclosed.

Based in Vancouver, Corporate Insights is a market research firm focused on the Canadian financial services industry. Corporate Insights works with wealth management and retail banking organizations on issues related to strategic decision-making, business growth initiatives, sales force management and competitive benchmarking.

Corporate Insights will operate as a division of Asset International’s Investor Economics, a business acquired by Asset International in 2013.

USA, New York & Canada, Vancouver

 

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WPP and ITV invest in digital content studio Indigenous Media

September 16, 2014 — Fusion DigiNet

wppWPP is taking a significant minority stake in Indigenous Media along with ITV, the UK’s largest commercial broadcast network.

Indigenous Media LLC is a new digital studio that produces high-quality scripted content and develops channel brands for content distribution, founded by award-winning film makers Jon Avnet, Rodrigo Garcia and Jake Avnet.

itvWPP and ITV will contribute advertising and distribution expertise, allowing Indigenous Media to focus on creating content that will attract brand sponsorships, and global distribution on multiple platforms. Other investors include Advancit Capital and individuals including Steven Tisch, Michael Price and Dr. Aaron Stern. Indigenous Media is based in Los Angeles.

Indigenous Media will focus on producing scripted hour-long and half-hour long series for digital platforms worldwide, as well as developing multi-platform content brands. Director/producers Jon Avnet (Black Swan, Justified, Fried Green Tomatoes, Risky Business), Rodrigo Garcia (Albert Nobbs, In Treatment, Big Love, Last Days in the Desert), and Jake Avnet have won Oscars, Emmys and Tonys for their work. They bring well established relationships with such talents as Julia Stiles, Jennifer Beals, America Ferrera, Jennifer Garner, Anna Paquin, Maggie Grace and Alfred Molina, and writers/directors Marta Kauffman, Betty Thomas, Lesli Linka Glatter, Paul Brickman, and Neil LaBute to the new company.

The Avnets and Garcia have already won critical acclaim for the female-centric WIGS digital content model they founded, which has Fox Broadcasting as its strategic partner. WIGS, which is available on Hulu and FOXNOW, develops high-quality original series, short films, and documentaries, all starring female leads. WIGS has been recognized by The Webbys, Streamy’s, IAWTV, and Writers Guild of America, among others.

UK, London & USA, Los Angeles, CA

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Thomson Reuters to sell peHUB, Buyouts and Venture Capital Journal

September 12, 2014 — Fusion DigiNet

Thomson Reuters LogoThomson Reuters is selling several of its trade publications, including peHUB, Buyouts and Venture Capital Journal, according to a report in peHUB.

PeHUB, Buyouts and VCJ are produced by Thomson Reuters’ Deals Group, which employs a dozen journalists.

  • Buyouts is a bi-weekly magazine that covers news and trends in the buyouts market.
  • Venture Capital Journal is a monthly magazine that covers the venture capital business.
  • peHUB is a blog that covers PE and VC news.

The Deals Group also publishes peHUB Wire, a free daily email newsletter . The Wire reportedly has more than 60,000 subscribers. Subscriber numbers were unavailable for Buyouts, which costs $2,695 per year, and VCJ, which costs $2,295 annually. Thomson Reuters also doesn’t disclose the number of monthly unique visitors to peHUB.

USA, New York, NY & UK, London

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MECOM GROUP disposes of LMG

September 9, 2014 — Fusion DigiNet

mecomMecom Group plc is selling its operating subsidiary in Limburg, LMG Netherlands II B.V., to Concentra Media Nederland B.V., a subsidiary of Concentra NV.

LMG is the publisher of Dagblad de Limburger and Limburgs Dagblad, regional newspaper titles in the Dutch province of Limburg with a combined daily circulation of approximately 138,000. In the year ended 31st December 2013 LMG generated a profit before tax of €4.5 million and as at 30th June 2014 its gross assets were valued in the Group’s consolidated accounts at approximately €44.4 million (including €15.0 million of cash and cash equivalents). The LMG business is owned by LMG Netherlands I B.V., which is ultimately a wholly owned subsidiary of the Group and the Sale will be effected by means of a transfer of LMG’s shares to Concentra. Loek Radix, the interim Managing Director of LMG’s subsidiary, Media Groep Limburg, will remain with the business following the Sale.

The Sale places a preliminary enterprise valuation of approximately €58 million on LMG. Following adjustments the Group will receive initial net cash proceeds of €40 million, subject to adjustments for LMG’s net cash and working capital at completion.

Completion is expected to take place on 30th September 2014.

In addition to the preliminary enterprise valuation above, the transaction also provides for:

1. an earn-out arrangement under which Mecom would receive up to €4 million in additional consideration, depending on the cumulative financial performance of LMG in the three years following completion; and

2. Mecom receiving 90 per cent of the net sale proceeds (up to a maximum of €3.4 million) of the land and buildings at two print plants which Concentra is acquiring as part of the Sale (one of which is disused and the other of which will be shut within a year of completion of the Sale) and which Concentra has agreed to sell in conjunction with Mecom following completion of the Sale

The total valuation of LMG in the Sale will therefore depend on the final amounts receivable under 1. and 2. above. The enterprise valuation, as a multiple of 2013 EBITDA, will therefore be in a range of approximately 4.0 times (assuming nothing is received in respect of 1. and 2.) to approximately 4.5 times (assuming receipt of the maximum payments envisaged in respect of 1. and 2.).

LMG has also entered into a services agreement with Mecom’s remaining Dutch subsidiary, Koninklijke Wegener NV (“Wegener”), under which Wegener will provide various services to LMG for a period of three years from completion of the Sale, for total consideration of at least €4.5 million. Concentra will make a €1.5 million advance payment on LMG’s behalf in respect of this services agreement at completion.

Norway, Oslo & UK, London & Belgium, Hasselt & The Netherlands, Limburg

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New Media completes acquisition of The Providence Journal

September 3, 2014 — Fusion DigiNet

new media investmentNew Media Investment Group Inc. has completed the acquisition of  The Providence Journal and related print and digital assets for $46.0 million in cash from A. H. Belo Corporation.

The Providence Journal is one of the oldest print publications in the United States and was first published in 1829. It has a daily circulation of approximately 72,000 and 96,000 on Sunday.

Previous reporting

The purchase price was funded with a combination of cash on the balance sheet and an incremental $25.0 million on the Company’s existing term loan. The Providence Journal is one of the oldest print publications in the United States and has a daily circulation of approximately 72,000 and 96,000 on Sunday.

USA, New York, NY & Providence, RI

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New Media Investment Group acquires The Providence Journal for $46M Posted on July 23, 2014

 

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IHS acquires PCI Acrylonitrile, a U.K.-based chemical market advisory service

September 2, 2014 — Fusion DigiNet

ihs_logo_mpIHS Inc. has acquired PCI Acrylonitrile, a provider of chemical market insight and consulting services for the global acrylonitrile and derivatives industry.

Based in the U.K., PCI Acrylonitrile publishes the Acrylonitrile Market Report, a monthly report focused on the global acrylonitrile industry and its derivatives. Led by Simon Garmston, founder of PCI Acrylonitrile, the company also provides annual market analysis as well as consulting services and hosts a key industry event focused on the acrylonitrile sector.

“The acquisition of PCI Acrylonitrile is a tremendous addition to our industry-leading chemical market advisory service covering the fibers and plastics businesses,” said Scott Key, IHS president and CEO. “The acrylonitrile analysis, combined with our IHS Chemical olefin, propylene market and special reports coverage, as well as the upstream market coverage we deliver at IHS, will provide unparalleled integrated analysis that is essential to our customers. We are excited to welcome Simon Garmston, who is recognized globally for his expertise in this highly specialized, but strategically important and growing chemical market.”

Acrylonitrile is an essential component for the production of fibers and polyacrylonitrile (PAN), a versatile, high-strength polymer (plastic) resin used to produce a variety of products in both civilian and military applications. PAN fibers are used to manufacture clothing and other ‘acrylic-based’ products. Additionally, PAN is used to produce high-quality carbon fibers, which are essential to high-tech communications infrastructure and production of aircraft, filtration systems, missiles, industrial and technology components, as well as numerous consumer goods.

USA, Englewood, CO & UK, London

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Millward Brown acquires research firm InsightExpress in the US

August 26, 2014 — Fusion DigiNet

WPP’s wholly-owned operating company, Millward Brown, has acquired InsightExpress, a provider of media analytics and marketing accountability solutions in the United States. InsightExpress will be combined with Millward Brown Digital, the company’s US-based digital unit.

InsightExpress’ unaudited revenues for the period ended 31 December 2013 were US$26.4 million with gross assets of US$8.8 million as of the same date. The company has over 200 clients including NBCUniversal, Google, Netflix, Hulu and Microsoft. Founded in 1999, the company is based in Stamford, CT, with offices in New York, Chicago and San Francisco and employs 100 people.

UK, London & USA, Stamford, CT

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