Bauer Media acquires Absolute Radio

July 30, 2013 — Fusion DigiNet

bauer mediaBauer Media UK is to acquire the Absolute Radio business from Times of India. The terms of the deal were not disclosed. The FT is reporting that Bauer paid between £20 and £25 million. Times of India Group acquired Virgin Radio for £53.2m in 2008 before rebranding it as Absolute.

Paul Keenan, CEO, Bauer Media UK, said, “We are looking forward to working with the award-winning team at Absolute Radio and have great respect for what it has achieved.  We are excited about welcoming this complementary music radio business with renowned digital assets into Bauer.”

Donnach O’Driscoll, CEO, Absolute Radio, said, “The Absolute Radio business has never been in better shape as we approach our fifth birthday.  Bauer Media UK is a business that really cares about building famous media and entertainment brands and music radio in particular. This brand will continue to thrive as part of the Bauer group.”

Keenan added:  “Absolute Radio and its sister brands are loved by millions of UK consumers and by advertisers.  This acquisition will be an opportunity to learn and share across both businesses.”

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FUNKE MEDIENGRUPPE acquires regional newspapers and parts of the magazine portfolio from Axel Springer / Establishment of joint ventures for advertising ma

July 30, 2013 — Fusion DigiNet

funkeFUNKE MEDIENGRUPPE is to acquire Axel Springer AG’s regional newspapers as well as its TV program guides and women’s magazines. In the fiscal year 2012 Axel Springer’s regional newspapers, TV program guides and women’s magazines businesses made €94.8 million in EBITDA and €512.4 million in revenues. The purchase price is  €920 million.

The two companies have also agreed to establish joint ventures for the marketing and distribution of print and digital media. In both joint venture companies, Axel Springer will have the majority interest.

Thomas Ziegler, Managing Director of FUNKE MEDIENGRUPPE: “We have to join forces – because the media market presents challenging tasks: Therefore, we are looking forward to work closely with Axel Springer AG in marketing and distribution within the framework of the joint ventures and we appreciate that selected print titles of Axel Springer will join our activities. New opportunities are emerging for our business: This applies to the print as well as to the online segment. Hereby, we gain an enormous potential for new developments, for example for the intelligent connection of both fields. Together with the colleagues which will join us, we will build a national media company. FUNKE MEDIENGRUPPE will stand for print media and online media, successful regional newspapers and successful magazines, journalistic quality and economic success.”

Mathias Döpfner, Chief Executive Officer Axel Springer AG: “The decision to divest some of our brands with the longest tradition in our company was not easy. However, we are sure that the grouping under the FUNKE MEDIENGRUPPE, which aims at focusing on regional print- and online-journalism and on magazines, provides the best long-term perspective for the brands and for the staff. The different strategies of both companies complement each other perfectly. Axel Springer AG will continue to follow the strategic direction to become the leading digital media group with a clear focus on the BILD- and WELT-groups, in which we will invest and further develop journalistically and which will remain the core business of Axel Springer in the very long term.”

The transaction is subject to approval under merger control and antitrust law, which is not expected to be obtained before the end of 2013.

Germany, Essen, North Rhine-Westphalia and Berlin

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ITV plc – half year results

July 30, 2013 — Fusion DigiNet

itvITV plc has announced its interim results for the half year ended 30 June 2013.

Strategic highlights

  • ITV continues to deliver  growth and continues to rebalance
  • The company has completed acquisitions in the UK and the US (see related articles below)
  • £20m of cost savings are on track
  • Profit to cash conversion is strong at 100%
  • Net debt of £52m following acquisitions, dividends and further debt repayments
  • The board has declared an interim dividend of 1.1p up 38%

Financial highlights

Click on the Financial Highlights table below to see an enlarged view

ITV half year 13

Adam Crozier, ITV Chief Executive, said:

“We’re making good progress with our strategy of growing and rebalancing the business as we build new revenue streams and improve margins. In the first six months of the year ITV continued to increase group profits and revenues despite the expected fall in our H1 advertising revenues.  Non-advertising revenues were up by 11% to £568m, driven by significant growth in Online, Pay & Interactive and in ITV Studios.

ITV Studios delivered further growth in the UK and internationally both organically and through selective acquisitions in our key target markets – with total Studios revenues up 11%. We’re showing real momentum in our strategy of creating a robust international content business and in building substantial strength and scale in the US market.

The improved variety and quality of the ITV schedule has driven a strong on-screen performance in the first half of the year with ITV Family SOV up 1%. Our cash generation remains strong and we continue to have a robust balance sheet to support the strategy and invest in our future growth.

As we anticipated, the shape of the television advertising market this year is very different to 2012. In spite of monthly volatility we expect ITV Family NAR to be broadly flat for the nine months to the end of September with Q3 up 9%.  We expect both ITV Studios and Online, Pay & Interactive to deliver double digit revenue growth for the year as a whole as we continue to rebalance and strengthen ITV.”

Click here to see the full announcement.

UK, London

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Informa plc – Half year results

July 30, 2013 — Fusion DigiNet
informa2Informa plc has announced half year results for the six months ended 30 June 2013.

Financial highlights

  • Group organic revenue growth (continuing) of 1.2% to £566.7m (H1 2012: £562.6m)
  • Adjusted operating profit (continuing) up 2.7% to £162.0m (H1 2012: £157.7m)
  • Improvement in H1 adjusted operating margin (continuing) to 28.6% (H1 2012: 28.0%)
  • Adjusted diluted EPS growth (continuing) of 5.0% to 18.9p (H1 2012: 18.0p)
  • Dividend increased – interim dividend raised 6.7% to 6.4p (H1 2012: 6.0p)
  • Corporate Training disclosed as asset held for sale and results classified as discontinued
  • Statutory loss for the period of £56.3m (H1 2012: £41.9m loss), reflecting loss from discontinued operations of £115.7m
  • Strong cash flow – cash conversion rate (continuing) of 70% (H1 2012: 74%)
  • Net debt/EBITDA ratio of 2.4 times (H1 2012: 2.3 times)

 Operational highlights

  • Events division (continuing) organic profit growth of 18.6%
  • 147 large events run in H1, delivering double-digit organic revenue growth
  • 20% of Group revenue (continuing) from emerging markets in the last 12 months (H1 2012: 18%)
  • Deferred income growth of 7% at constant currency
  • Incremental cost reduction programme implemented at PCI
  • Agreed disposal of Corporate Training businesses for up to USD 180m
  • Exit from small conference businesses in Spain and Italy
  • Appointment of Director of Open Access within Academic Information
  • Chief Executive succession plan announced

 

Peter Rigby, Chief Executive, said:

“It has been a very busy six months for Informa that has resulted in another strong financial performance and further improvement to the underlying quality of earnings. The sale of our non-core Corporate Training businesses will leave us leaner and more resilient, with a sharper focus on higher growth assets offering an attractive return on capital. This is illustrated by the positive organic growth across our continuing operations in H1, the highlight of which was almost 19% organic profit growth in Events.

The outlook for the second half is good and after adjusting for modest dilution from the Corporate Training transaction, underlying expectations for the full year are unchanged. Encouragingly, there are some tentative signs of improvement in areas that have proved particularly tough in recent years, providing grounds for cautious optimism.

Our strong performance has led to another increase in the interim dividend, up 6.7% to 6.4p and our leverage remains comfortably within our target range at the end of June, before receiving the cash proceeds for Corporate Training.

I recently announced my intention to retire as Chief Executive at the end of the year. I have been with the Group for 30 years and feel now is the right time to hand over the reins, with Informa in great shape financially, operationally and culturally. Stephen A. Carter will take over as CEO from 1st January 2014, following a thorough handover process.”

Click here for the full announcement.

UK, London

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Progressive Digital Media Group – first 6 months results

July 30, 2013 — Fusion DigiNet

progressiveBusiness information group Progressive Digital Media Group has announced its unaudited interim report for the six months ended 30 June 2013. Business Information, which includes Business Intelligence and Events and Marketing, now accounts for almost 98% of Group revenues and earnings. Business Information revenues grew by 11.3% in the first half (over the corresponding period in 2012), while Events and Marketing revenues fell. They were adversely impacted by the rephasing of a number of events from the first half of last year to the second half of this year.

Highlights

Strong first half results, a robust balance sheet and continued investment provide the foundation for further growth.

  • Group revenue increased by 10.3% to £28.6m (2012: £25.9m)
  • EBITDA increased by 33.9% to £4.8m (2012: £3.6m)
  •  Adjusted EBITDA increased by 23.5% to £5.4m (2012: £4.3m)
  • Adjusted EBITDA Margin increased to 18.8% (2012: 16.8%)
  • Reported profit before tax grew by 77.2% to £3.5m (2012: £2.0m)

 

Mike Danson, Chairman of Progressive Digital Media Group Plc, commented:

“Our first half results reflect good performances across multiple channels. We are increasingly confident that our focus on building premium Consumer and Technology Business Information services will provide the basis for continued long-term profitable growth. With this in mind, we are accelerating our investment in our sales force, product offering, content and delivery platforms in the near to medium-term.”

For the full announcement and notes on the accounts figures, click here

UK, London

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ITV acquires Big Talk

July 30, 2013 — Fusion DigiNet

itvITV plc today has acquired Big Talk Productions and associated companies (Big Talk), the producer of award winning programmes Friday Night Dinner, Him & Her and Rev as well as films including Shaun of the Dead, Hot Fuzz and The World’s End.

ITV will pay an initial cash consideration and further capped cash payments contingent on Big Talk’s future performance.  The initial cash consideration will be dependent on the 2012/13 financial performance and is expected to be in the region of £12.5m.  The further capped cash payments are payable on the delivery of significant profit growth over the next five years.

UK, London

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Pearson half-year results: FT Group’s Mergermarket business put up for sale

July 30, 2013 — Fusion DigiNet

Pearson2Pearson has published its half year results, at the same time  announcing that it is exploring the possibility of selling financial intelligence business Mergermarket. John Fallon, chief executive, said that while Mergermarket is a growing business, it does not fit with Pearson’s goal to be a market-leading education company.

Highlights

  • Pearson is exploring the possible sale of Mergermarket, the financial intelligence, data and analysis business. Pearson has appointed J.P. Morgan Cazenove to advise on the process.
  • John Fallon, the chief executive of Pearson, stressed that the paper was not for sale.
  • Pearson revenues up 5% to £2,243M
  • FT Group Revenues flat – £217M in 2013, £216M in 2012
  • FT Group Operating Profit up to £26M from £21M in 2012
  • Penguin Random House merger completed on 1 July 2013; strong growth at Penguin (up 14%) in the first half.
  • Adjusted operating profit £50m lower at £137m, including £37m of gross restructuring charges and, in addition, investments to support new product launches in the second half.
  • Adjusted earnings per share down 4.9p to 9.9p including restructuring charges.
  • Interim dividend up 7% to 16p.

Click on the Financial Highlights table below to enlarge the view

Pearson Half-Year Results 2013

John Fallon, chief executive, said: “In trading terms, 2013 has begun much as we expected. In general, good growth in our digital, services and developing-market businesses continues to offset tough conditions for traditional publishing. Our strategy is to transform Pearson into a single operating company that is sharply focussed on the biggest needs in global education and on measurable learning outcomes. With our restructuring programme on track and the reorganisation of the company under way, we are making significant progress towards that goal.”

Read the full announcement here.

UK, London

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Euromoney Institutional Investor – interim management statement to July 24, 2013

July 26, 2013 — Fusion DigiNet

Euromoney Institutional Investor PLC , the international publishing, events and electronic information group, has issued its Interim Management Statement for the period from April 1 to July 24, 2013.

Trading

Since reporting its interim results on May 16, 2013, trading has continued in line with the board’s expectations as set out in the interim results announcement.

Headline revenues for the quarter to June 30, 2013 increased by 2% to £113.5 million.  The group generates nearly two thirds of its revenues in US dollars and after adjusting for an average sterling-dollar rate for the third quarter of $1.53, against $1.60 a year ago, revenues at constant currency were unchanged.  The increase in revenues from the three small acquisitions completed earlier in the year was largely offset by timing differences on certain subscription accounts.

Subscription revenues increased by 4%, and by 1% at constant currency.  The rate of growth at constant currency was less than the 3% achieved in the second quarter due to delays in the receipt of a few subscription accounts which are recognised on a cash basis.  This timing difference is expected to reverse in the final quarter.  The 11% decline in advertising revenues was consistent with the trend seen over the previous 18 months with advertising from global financial institutions particularly weak.

The third quarter is the most important of the year for the event businesses with many of the group’s largest events held during this period.  Despite the challenging markets, revenues from the group’s bigger events remained robust and the positive first half event revenue trends continued.  Sponsorship revenues increased by 6% at constant currency, partly due to the acquisition in April of CIE, the Australian provider of investment forums for the asset management industry.  Delegate revenues were unchanged.

The following table summarises the year-on-year revenue changes for the third quarter at both headline rates and at constant exchange rates:

Eurononey intrim Jul13

 

Click on the table for a larger view

Financial Position

Net debt at June 30 was £34.4 million against £38.1 million at March 31. The group’s strong operating cash flows for the quarter were offset by acquisition payments of £12.7 million, including the £9.9 million purchase of CIE, an interim dividend of £8.8 million, and other non-operating cash outflows of £6.4 million.  Movements in the US dollar exchange rate had no significant effect on net debt levels.

Outlook

The broad trading background has not changed significantly since the interim results.  The outlook for US markets, and in particular the profitability of US financial institutions, has continued to improve.  However, European institutions remain focussed on tight cost control and compliance with a tougher regulatory environment while uncertainties persist over some emerging markets, particularly China, and the commodities sector.

July and August are the quietest trading months of the year and while the fourth quarter is the least significant for the group’s event businesses, recent advertising sales trends have been encouraging.  However, as usual at this time of the year, revenue visibility for September, which traditionally accounts for at least 20% of the group’s full year profit, is limited.

The group will continue to invest in technology, marketing and new products to achieve organic growth and focus on revenue synergies from its recent acquisitions.  Overall, trading remains in line with the board’s expectations.

UK, London

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Informa disposes of its five corporate training businesses

July 19, 2013 — Fusion DigiNet

informa2Informa plc is selling its five Corporate Training businesses to Providence Equity Partners for a total consideration of up to $180m. The deal is expected to complete in the third quarter of 2013.

The initial consideration of $165m, consists of $100m in cash (net of indebtedness and working capital adjustments on completion) and a $65m vendor loan. The vendor loan is for a maximum term of 6.5 years and attracts a PIK interest rate of 1% in the first two years, rising to 10% in the third year with a further 1% per annum increase thereafter.

providenceequityThe cash element of the consideration will initially be used to reduce Group net debt. A further cash payment of up to $15m will be received by Informa in 2014 dependent upon the businesses achieving a certain level of revenue in 2013.

In the year ended 31 December 2012, the contribution attributable to the Corporate Training businesses was revenue of approximately $194m (£122m) and adjusted EBITA of $23.5m (£14.8m). As at 31 December 2012 the business had gross assets of $358.8m (£225.7m).

Peter Rigby, Chief Executive, said, “The disposal of our Corporate Training businesses creates a more focused, higher growth, higher margin Events division with more visible and predictable revenue streams, enhancing the underlying quality of Group earnings.

I would like to take this opportunity to thank all of our colleagues within Corporate Training who have worked so diligently and intelligently to develop the businesses through a highly challenging economic period. I believe Providence, with a significant investment already in the education sector, will be an excellent home for the businesses.”

UK, London

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IHS Completes Acquisition of R.L. Polk & Co.

July 16, 2013 — Fusion DigiNet

ihs_logo_mpIHS has completed its acquisition of R.L. Polk & Co.  R.L. Polk & Co. consists of two divisions – Polk and CARFAX – that provide market intelligence, tools and analytics and vehicle history information. . Previously, IHS had announced its intent to acquire R.L. Polk & Co. on June 9, 2013; closing occurred on July 15.

polk

The total deal price is $1.4 billion. 90% cash and 10% equity. The stock issuance has a 2-year lock up. 50% of shares can be sold after year one and 100% of shares can be sold after year two

R.L. Polk is headquartered in Detroit and has $400 million of current annual revenue, 75% recurring revenue with 90%-plus renewal rates. 60% of its revenues come from the CARFAX brand and 40% from the Polk Division.

The company is principally focused in North America, with 9% of sales in EMEA and 3% in APAC. It has an adjusted EBITDA margin in mid-20 percent range.

“Now that R.L. Polk & Co. is part of IHS Automotive, their comprehensive information on vehicle registrations, ownership and repair allow us to offer auto makers, automotive parts and technology suppliers and dealers an unparalleled suite of products and services that span from portfolio planning to the end of a vehicle’s life,” said Scott Key, IHS president and CEO. “No one has connected automotive information so comprehensively in markets around the world, or created the analytics solutions and tools that we are currently developing to support the strategic decisions of our customers.

“With this acquisition, IHS truly becomes the scaled, global player in the capital-intensive automotive information industry, which also relies heavily on electronics, chemicals, plastics and energy,” Key continued. “The addition of Polk and CARFAX furthers our vision to become the source of information, insight, expertise and knowledge across all of our target industry sectors and to provide converged solutions that create exceptional value for customers.”

Key added that IHS intends to expand Polk and CARFAX globally, building on IHS infrastructure and presence in EMEA, APAC and high-growth markets in Brazil, India, Russia and the Middle East and the combined information and expertise of these great assets.

“The combination of IHS and R.L. Polk & Co. clearly strengthens both companies and creates more growth and greater opportunities to increase value for our customers,” said Stephen Polk, chief executive officer of R.L. Polk & Co. “We look forward to enhancing key information and insight on which our customers have come to rely to make critical decisions.”

USA, Englewood, CO & Detroit, MI

Previous reporting

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