UBM acquires cruise and maritime media business Seatrade Communications

August 1, 2014 — Fusion DigiNet

UBM plc Michael Duck Chris HaymanUBM has acquired Seatrade Communications Ltd.  Seatrade is a brand serving the international cruise and maritime community.  Its publications, events, management training, award schemes and websites cover all aspects of cruise and maritime activity. The terms of the deal were not disclosed.

Seatrade’s cruise sector events include Seatrade Latin America Cruise Convention and Seatrade Middle East Cruise Forum, supported by Seatrade Cruise Review and the online portal Seatrade Insider. General Maritime events include Sea Asia in Singapore and Seatrade Middle East Maritime in Dubai, supported by the online Seatrade Global portal and Seatrade Magazine. In the Offshore Marine space it organises Seatrade Offshore Marine and Workboats Middle East in Abu Dhabi.

UBM’s events in the sector include Cruise Shipping Miami, Marintec China and Sea Japan.

Seatrade has been led by its Executive Chairman and owner Chris Hayman since 2003. Hayman will remain with the business as Chairman, ensuring continuity of relationships, content and strategic guidance. The business will remain headquartered in Colchester, UK, with its offices in Dubai, Singapore and China continuing to drive growth in these regions.

Michael Duck, UBM’s Global Maritime Director and Executive Vice President of UBM Asia said:

“We have enjoyed a successful partnership with Seatrade for many years, and are delighted to now bring UBM and Seatrade together as one business to better serve our community of customers, delegates and readers across the maritime world. The unified portfolio and management structure will create a simplified, coherent and stronger global offering for our clients. From both a company and personal perspective, I am delighted that Chris Hayman – who is widely known and respected throughout the maritime industry – will be staying with the business. We look forward to working with him and the world class teams at both UBM and Seatrade over the coming years.”

UK, London & Colchester, Essex

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UBM results for the six months ended 30 June 2014

August 1, 2014 — Fusion DigiNet

Highlights

  • Reported revenue of £361.0m (H1 2013: £391.8m), down 7.9%; broadly flat at constant currency (0.3%), with underlying growth of 2.0%
  • Adjusted operating profit up 8.7% to £87.4m (H1 2013: £80.4m), margins up by 3.7%pts, driven largely by non-recurring gains of £11.0m
  • Events underlying revenue growth of 4.8%(2), led by Emerging Markets with operating margins up 0.4%pts to 28.8% (H1 2013: 28.4%)
  • Other Marketing Services adjusted operating profit up to £4.4m (H1 2013: £3.6m) on reduced revenue of £48.5m (H1 2013: £66.4m)
  • PR Newswire revenue up 2.6% (underlying) at £98.3m (H1 2013: £105.0m) at an operating margin of 22.8% (H1 2013: 22.4%)
  • Adjusted diluted EPS up 12.1% to 24.0p (H1 2013: 21.4p)
  • Interim dividend of 6.8p (H1 2013: 6.7p) up 1.5%, in line with policy
  • Net Debt up at £452.1m (2013: £443.4m); Net Debt/EBITDA steady at 2.2x (2013: 2.2x)

Tim Cobbold, Chief Executive Officer, commented:

“UBM has had a solid first half and remains on track to meet expectations for the full year. Although the reported performance was adversely impacted by currency headwinds, the Group performed well with good underlying revenue growth in both the Events and PR Newswire businesses and with higher operating margins in each of the three businesses.”

During my first three months as UBM’s CEO I completed the first stage of my review of the business. We will host a Capital Markets Day late in the year to present the plan for UBM’s future development.”

Read the full announcement here.

UK, London

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Scripps, Journal merging broadcast operations, spinning off Newspapers

July 30, 2014 — Fusion DigiNet

scrippsThe E.W. Scripps Company and Journal Communications have agreed to merge their broadcast operations and spin off and then merge their newspapers, creating two separately traded public companies.

The merged broadcast and digital media company, based in Cincinnati, will retain The E.W. Scripps Company name, and the Scripps family shareholders will continue to have voting control. The company will have approximately 4,000 employees across its television, radio and digital media operations and is expected to have annual revenue of more than $800 million.

jrn-communications-logoThe newspaper company will be called Journal Media Group and will combine Scripps’ daily newspapers, community publications and related digital products in 13 markets with Journal Communications’ Milwaukee Journal Sentinel, Wisconsin community publications and affiliated digital products. The company, with expected annual revenue of more than $500 million and approximately 3,600 employees, will be headquartered in Milwaukee.

The deal is expected to close in 2015. Read the full announcement here.

USA, Cincinnati, OH & Milwaukee, WI

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Kelsey Media acquire Outdoor Fitness from Bauer Media

July 25, 2014 — Fusion DigiNet
outdoorfitnessKelsey Media has acquired the Outdoor Fitness brand from Bauer Media. The terms of the deal were not disclosed. Outdoor Fitness is a 132-page monthly publication, launched in the summer of 2011. It aims to deliver some of the best cycling, running, swimming, triathlon and adventure content, enjoyed by a readership who are loyal to staying fit and healthy in the great outdoors.

The Outdoor Fitness editorial staff have transferred to Kelsey. They will be based at Kelsey’s Peterborough office. The Editor is Jonathan Manning, the Deputy Editor Marc Abbott and the Art Editor is Mark Tucker. Lauren George will manage the ad sales operation in conjunction with her existing title, Running fitness, based out of the Cudham office.

UK, Peterborough, Cambridgeshire

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Kelsey Publishing acquires Auto titles and Triathlon Plus from Future for £2.1M

July 25, 2014 — Fusion DigiNet

kelsey_mastFuture 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.

future smThe 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

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New Media Investment Group acquires The Providence Journal for $46M

July 23, 2014 — Fusion DigiNet

new media investmentNew Media Investment Group Inc. is to acquire The Providence Journal, a daily newspaper serving the metropolitan area of Providence, Rhode Island, for $46.0 million in cash from A. H. Belo Corporation. Under the deal, which includes “substantially all of the assets” of  The Journal, New Media will acquire the newspaper’s production facility on Kinsley Avenue but not The Journal’s headquarters at 75 Fountain St., nor the downtown parking facilities and other property A.H. Belo owns.

The deal is expected to close in the third quarter of 2014.

Journal_IconThe 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.

It was independently owned until A.H. Belo Corporation bought The Providence Journal Company in 1996 for $1.5 billion, when both corporations owned newspaper and television operations.

Later, Belo split into two companies, one called Belo Corporation, which operated the television stations, and the other, A.H. Belo Corporation, which operates the newspaper organizations.

A.H. Belo announced in December that it had hired a consultant to “explore a potential sale” of the news organization so it could concentrate on its businesses in Texas.

Michael E. Reed, New Media’s President and CEO commented, “We are very excited to announce the proposed transaction with A. H. Belo. The Providence Journal is one of the most established and prominent newspapers in the United States and is the preeminent provider of local content to the greater Providence marketplace. In addition, its high quality editorial standards have resulted in four Pulitzer Prizes for the newspaper. We are very excited to welcome the paper, its employees and the community into the growing New Media family. We deeply admire the great work that has been done in Providence under the stewardship of A. H. Belo, and look forward to continuing that tradition.

“We are also enthusiastic about the opportunity to expand our digital services business, Propel, with this acquisition. There are approximately 28,000 small and medium sized businesses in the Providence market and the newspaper has a strong, in-market local sales force of approximately 40 representatives. Further, with only about 25% of revenue coming from local print advertising, we believe this acquisition further evolves New Media’s revenue mix towards stable to growing revenue categories.

“Over the past 10 months, New Media has entered into agreements to acquire approximately $151 million of local media assets at an average purchase price to EBITDA multiple of 3.3x. We are very excited about our progress year to date and, as we look forward to the second half of the year, remain focused on executing on our strategy which we believe will drive substantial shareholder returns.”

USA, New York, NY & Providence, RI

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I-5 Publishing acquires Dogster and Catster from SAY Media

July 18, 2014 — Fusion DigiNet

i-5I-5 Publishing, a provider of multi-platform content for special interest communities and brands, has acquired Dogster and Catster from SAY Media.

Say Media acquired Dogster and Catster in April 2011.

Dogster and Catster, which draw a combined 2.5 million visitors a month, serve as a one-stop resource for dog owners and cat owners, respectively, and offer information about grooming, diet, health and well-being.

“As the world’s largest owned and operated online pet network, we want to bring a pet owner’s voice to our line of products, while executing on our commitment to growing our digital footprint, which is dogstercritical as we continue to evolve and expand our business,” said Mark Harris, CEO of I-5 Publishing. “We look forward to integrating and leveraging the Dogster and Catster properties to bolster our company efforts and serve current and future pet owners and pet businesses across the globe.”

The Catster and Dogster teams will report to I-5 General Manager & Vice President, Digital Jennifer Black. Catster and Dogster will remain headquartered in San Francisco, Calif.

USA, Irvine, CA & San Francisco, CA

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Progressive Digital Media Group acquires CurrentAnalysis

July 8, 2014 — Fusion DigiNet

progressiveProgressive Digital Media Group Plc has acquired CurrentAnalysis Inc., for a gross consideration of US $19.6 million in cash payable on completion. Completion, which is subject to the approval of CurrentAnalysis shareholders, is expected to occur within 30 days and will be funded from the Group’s existing cash resources.

currentanalysis-s2CurrentAnalysis provides subscription based business intelligence services to the ICT industry. The company has offices in Washington D.C, London and Singapore. For the financial year ended 31 December 2013, CurrentAnalysis reported revenues of approximately $13 million, with net liabilities of approximately $2.3 million.

It is expected that the acquisition will be earnings accretive within the first twelve months post acquisition, though the impact on the Group results to 31 December 2014 are expected to be broadly neutral.

Commenting on the acquisition Simon Pyper, Chief Executive of Progressive Digital Media, said: “The acquisition of CurrentAnalysis satisfies all of our acquisition criteria, providing subscription based business information services to blue chip companies operating in a global sector. Additionally, CurrentAnalysis augments our existing platform and significantly increases our footprint in the key North American market.”

UK, London & USA, Washington, DC

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Belgian publisher De Persgroep buys Mecom for just under £200m

June 30, 2014 — Fusion DigiNet

persgroep-logo-belgieBelgian publisher De Persgroep has agreed to buy Mecom for just under £200 million. Each Mecom Shareholder will be entitled to receive 155 pence in cash for each Mecom Share they hold, which values the entire issued and to be issued share capital of Mecom, on a fully diluted basis, at approximately £196 million.

mecomMecom, a company incorporated under the laws of England, is a European media group, with leading positions in the news and information publishing business in the Netherlands and Denmark. Mecom’s Dutch division comprises the Koninklijke Wegener (Wegener) and Media Groep Limburg (Limburg) businesses. Wegener is the largest publisher of regional daily newspapers and free door-to-door newspapers in the Netherlands. Limburg is the leading regional newspaper business in the Dutch province of Limburg. The Dutch division has a total daily readership of approximately 2.5 million and publishes content in print and in online, mobile and e-paper form. The Danish division publishes two daily national titles and one weekly national title as well as seven daily regional titles and 17 free weekly titles. In total, the Danish division has a daily readership of approximately 500,000. Mecom also operates national and local radio stations, with total listeners of approximately 1 million.

De Persgroep, a company incorporated under the laws of Belgium, is a major operator in the Belgian and Dutch media markets. De Persgroep’s activities consist of news media, magazines, television, radio and online services.

The Transaction will be funded by a combination of existing cash resources and a new debt facility provided by BNP Paribas Fortis S.A./N.V.

Commenting on the Transaction, Christian Van Thillo, Chief Executive Officer of De Persgroep, said: “This announcement is consistent with our successful strategy in our publishing activities and with our belief that consolidation in our industry is necessary in order to transform our publications into multimedia brands in a profitable way. Mecom is a leading publishing group with strong and respected news brands in the Netherlands and Denmark.

It further underscores our ongoing commitment to develop innovative multi-media news brands that offer readers a richer experience through printed and digital newspapers, news sites and apps. In addition to operational breadth and depth, the combined business will be better positioned for transformation towards a media group that is leading in print and online.”

Norway, Oslo & UK, London & Belgium, Kobbegem

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Felix Dennis 1947 – 2014

June 23, 2014 — Fusion DigiNet

Felix DennisFelix Dennis, the magazine publisher, poet, entrepreneur and philanthropist has died at his home in Dorsington, Warwickshire, aged 67. He was diagnosed with cancer in 2012.  The family announcement said he died peacefully surrounded by his loved ones on Sunday.

“We are deeply saddened to announce that Felix Dennis passed away yesterday surrounded by his loved ones. After a long and painful battle with cancer, Felix died peacefully at his home in Dorsington, aged 67.”

“Felix was a publishing legend, famed for his maverick and entrepreneurial style and, more lately, a successful and much loved poet. He will be greatly missed.”

“Thank you to the support and kindness of those who share our feelings for Felix, and we ask that you respect our privacy during our time of grief.”

Felix Dennis’s  company, Dennis Publishing, pioneered computer and hobbyist magazine publishing in the United Kingdom. Famously, he was co-editor of Oz, which led to him being one of the “Oz three” defendants eventually found not guilty following the 1971 Old Bailey obscenity trial about the title’s content. In 1987, he co-founded MicroWarehouse, with Peter Godfrey and Bob Bartner, a company that pioneered direct IT marketing via high quality catalogues.  It was sold to a private investment group in January 2000. This created the bulk of Dennis’ personal wealth.

UK, Warwickshire

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