DMGT sells remaining interest in DMG Radio Australia

September 5, 2012 — Fusion DigiNet

DMGT has sold its remaining 50% in DMG Radio Australia (DMGRA) to Illyria, the private investment vehicle of Mr Lachlan Murdoch, which first acquired a 50% interest in November 2009.

DMGT has received A$100m (£65 m) in cash and, later in the year, will receive a further sum equivalent to 50% of the final DMGRA dividend for the year ending 30 September, 2012. DMGT will use the proceeds of the sale to reduce debt.

Martin Morgan, Chief Executive of DMGT, said: “Our partnership with Illyria over three years has been a success. Following an approach from Illyria, we decided now was an appropriate time to realise the value created by DMGRA’s improved performance. The transaction represents another step forward for our strategy to concentrate resources on a more focused portfolio of businesses”.

UK, London & Australia, Sydney, Pyrmont

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The New York Times Company agrees to sell its About Group to IAC

August 26, 2012 — Fusion DigiNet

The New York Times Company is to sell its About Group, which includes the websites of About.com, ConsumerSearch.com and CalorieCount.com, to IAC for $300 million in cash. The Company intends to use the proceeds for general corporate purposes.

“About.com has been a strong contributor to our company since its acquisition in 2005,” said Arthur Sulzberger, Jr., chairman, The New York Times Company. “About’s early expertise in search engine optimization, expert content and revenues from cost-per-click and display advertising made it a valuable component of our portfolio for the past seven years. This sale will allow the Times Company to focus on the development and growth of our core brands locally, nationally and on a global scale.”

USA, New York, NY

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Revenue and profit fall at Haynes

August 23, 2012 — Fusion DigiNet

Haynes Publishing Group P.L.C has announced reduced revenue and profit in its preliminary unaudited results for the full financial year to May 2012.

  • Group revenue down 9% at £29.8 million (2011: £32.7 million)
  • Group operating profit of £5.1 million (2011: £7.7 million)
  • Group profit before tax of £4.7 million (2011: £7.2 million)

The Haynes Group comprises two geographical business segments UK & Europe and North America & Australia.

The UK & European business has headquarters in Somerset, UK and subsidiaries in the Netherlands, Italy, Spain, Romania and Sweden. The core business of the European operations is the publication and supply of automotive repair and technical information to the professional automotive markets as well as to the DIY aftermarkets in both a printed and digital format.

The North American & Australian business has headquarters near Los Angeles, California and publishes DIY repair manuals for cars and motorcycles in both a printed and digital format.

Read the full announcement here

 

UK, Somerset & USA, Los Angeles, CA

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CRU Group acquires Ryan’s Notes

August 22, 2012 — Fusion DigiNet

CRU Group, the global metals, mining and fertilizer analysis, consultancy and conference business, has acquired Ryan’s Notes. Terms of the deal were not disclosed.

Ryan’s Notes comprises the Ryan’s Notes news and price assessments newsletter, which is also available online, and three conferences: the Ryan’s Notes Ferroalloys Conference, the Ryan’s Notes Metallics Meeting and the recently launched Ryan’s Notes European Ferroalloys Conference.

Ryan’s Notes was established in 1995 and is headquartered in Pelham, NY. Both of Ryan’s Notes’ founders, Patrick Ryan and Alice Agoos, will continue working on the newsletter and the conferences as part of the expanded CRU Group.

Patrick Ryan said: “After more than 17 years creating, growing and developing Ryan’s Notes, I am delighted that we have found a new home with CRU. Both Alice and I are also pleased that we will continue to work on the newsletter and conferences with CRU into the future.”

CRU Chairman Robert Perlman said: “This acquisition enables CRU to take a pre-eminent position in ferroalloys and metallics worldwide, both in price assessments and in conferences. There is an excellent fit between our two businesses which will allow us to offer even more value to our customers around the world.”

CRU Chief Executive Nick Morgan said: “We have always admired the Ryan’s Notes business and were not surprised when it researched very well in our pre-acquisition work. I am pleased to welcome Patrick, Alice and their team to CRU.”

UK, London & USA, Pelham, NY

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Axel Springer Digital Classifieds to acquire local portal meinestadt.de

August 21, 2012 — Fusion DigiNet

Axel Springer Digital Classifieds, a strategic partnership between Axel Springer and the global growth investor General Atlantic founded in the spring of 2012, is to acquire allesklar.com AG, which operates Germany’s leading local portal meinestadt.de. The company is being sold by the founding Stegger family (56.1 percent) and by Holtzbrinck Digital Strategy (43.9 percent).

Founded in 1996, the Siegburg-based company currently employs a staff of about 300 people. Its most important asset is the local portal meinestadt.de, which attracts more than 8 million unique monthly users (AGOF). Users turn to meinestadt.de for a variety of local and regional content, including job and apprenticeship offers, real estate and automotive ads and general classifieds for some 11,337 German cities and towns, at the present time. The regionally specific portal sites also offer city information and leisure time recommendations, as well as local news, information on events, movie schedules, and a business directory.

Dr. Jens Müffelmann, Head of the Electronic Media Division at Axel Springer AG: “meinestadt.de offers sustained profitable growth, a very wide reach and strong brand familiarity, as well as tremendous growth prospects, due to its focus on regional and local content. As a leader among regional portals, moreover, meinestadt.de makes an excellent fit with our portfolio of national classified marketplaces.”

Following the acquisition, the founder and Chief Executive Officer Dr. Manfred Stegger, 61, will leave the company. Georg Konjovic, 34, will succeed him by January 1, 2013, at the latest. Appointed Director Premium Content at Axel Springer AG since January 1, 2011, he also served as the Managing Director of hamburg.de, the official city portal of the Free and Hanseatic City of Hamburg, from 2007 to 2010. Peter Bettin, 50, Chief Operating Officer of allesklar.com, will continue as a Management Board member.

The transaction is still pending, subject to the approval of the cartel authorities.

Germany, Siegburg

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Schneider Publishing Company acquires Meetings Quest

August 20, 2012 — Fusion DigiNet

Schneider Publishing Company has acquired Meetings Quest, a series of one-day trade shows for meeting and event planners, owned by James T. Dunn Enterprises. Beginning in 2013, Meetings Quest will join Schneider Publishing’s suite of media properties that serve the meeting and event industries: Association News, SportsTravel and the TEAMS Conference & Expo.

“We’re excited to be adding a live-show component that will be marketed alongside Association News magazine,” said Timothy Schneider, president and CEO of Los Angeles-based Schneider Publishing. “Meetings Quest is a brand with a long and proud history. We look forward to introducing several enhancements to this series of shows that will make it the best way for hotels, venues, convention bureaus and meetings-industry suppliers to reach key association and corporate meeting planners.”

Headquartered in suburban Washington, D.C., Meetings Quest was founded in 1984 by the late Jimmy Dunn. Dunn’s wife, Barbara Cox-Dunn, has owned and operated the shows since Dunn passed away in 2000. She will continue managing the shows for the 2012 show season, after which Schneider Publishing will assume management and marketing for Meetings Quest. Under Schneider Publishing’s ownership, Dunn will continue in her marketing role for Meetings Quest and, effective immediately, will also be responsible for print and online advertising sales in Association News in the Northeastern United States.

USA, Los Angeles, CA & Washington, D.C.

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The Carlyle Group and Getty Images Management to acquire Getty Images from Hellman & Friedman for $3.3Bn

August 15, 2012 — Fusion DigiNet

Global alternative asset manager The Carlyle Group and Getty Images management have formed a partnership to acquire Getty Images, Inc., a global creator and distributor of still imagery, video and multimedia products, from Hellman & Friedman for $3.3 billion. Carlyle will acquire a controlling stake in Getty Images, while Getty Images Co-Founder and Chairman Mark Getty and the Getty family will roll substantially all of their ownership interests into the transaction. Getty Images management, including Co-Founder and Chief Executive Officer Jonathan Klein, will also invest significant equity in the company.

“Getty Images consistently demonstrates growth, leadership and prominence as one of the world’s leading media companies. This partnership with The Carlyle Group reflects and bolsters our ongoing strategy, strong management team and the talent of our dedicated employees. We are delighted to collaborate with Carlyle, with its formidable pedigree and success, and take the business into its next phase of development and growth,” said Jonathan Klein, Co-Founder and Chief Executive Officer of Getty Images.

Mark Getty, Co-Founder and Chairman, added, “In seventeen years, we have built a business that has revolutionized the industry, with innovation at its core. I am confident that the partnership between Getty Images and The Carlyle Group will see the company’s success continue.”

Eliot Merrill, Managing Director of The Carlyle Group, said, “Getty Images is the premier, digital global marketplace for commercial visual content. We look forward to partnering with Mark Getty, Jonathan Klein and the talented Getty Images management team. We will harness Carlyle’s financial resources and global network to help take Getty Images to the next stage of product innovation and global growth.”

Carlyle Partners V, a $13.7 billion U.S. buyout fund, will provide equity financing for the investment. J.P. Morgan, Barclays, Credit Suisse, Goldman Sachs and RBC Capital Markets have provided committed debt financing for the transaction. The transaction is subject to customary regulatory approvals and is expected to close in 2012.

USA, Washington, DC & Seattle, WA

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Pearson – first 6 months results

July 30, 2012 — Fusion DigiNet

Pearson has announced its first half year results

Highlights

Sales up 6% to £2.6bn

  • Strong growth in Education (up 9%) and the FT Group (up 7%)
  • Penguin sales 4% lower on phasing of publishing schedule and continued industry change

First-half operating profit lower at £188m (2011: £208m)

  • Education profits up 6% on growth in North America (up 30%) and International (up 17%)
  • Professional profits £17m lower. New funding criteria for 16-18 year old apprenticeships result in sharp decline in volumes; UK training business reshaped
  • Sale of FTSE International reduces first-half operating profit by £10m; excluding FTSE, FT Group profits level in spite of increased restructuring charge
  • Penguin profits lower at £22m (H1 2011: £42m) on drop-through from lower first-half sales; stronger publishing schedule in H2

Rapid growth in digital and services businesses and developing markets

  • Sales up approximately 20% in developing markets (headline growth)
  • Education digital platform registrations up 30%; FT digital subscriptions up 31% and now exceed print circulation; Penguin ebook revenues up 33% and now almost 20% of Penguin’s revenues
  • Revenues from digital and services to exceed traditional publishing businesses in 2012

Outlook

  • Pearson sees good trading momentum in North America, International and the FT Group offsetting weakness in Professional Education and Penguin
  • Pearson reiterates full year outlook of growth in sales and operating profits at constant exchange rates, with margins reflecting acquisition integration costs and the FTSE sale.

Interim dividend raised by 7% to 15p per share.

Marjorie Scardino, chief executive, said: “We began 2012 planning for a challenging external environment and our caution was well-placed: conditions have been tough in the early part of this year and, for a couple of parts of Pearson, tougher than expected. But that’s precisely when our planning for structural change and our investments in growth markets show their power. We’ve kept up the pace of transformation, and continued our shift towards digital and services businesses, which this year for the first time will yield the majority of Pearson’s revenues. That strategy will enable us to deliver on our long-term goals of expanding our market opportunity, delivering consistently strong financial performance and helping all kinds of students in all kinds of places to learn.”

Read the full report here

UK, London

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UBM – results for the six months ended 30 June 2012

July 30, 2012 — Fusion DigiNet

UBM plc has reported results for the six months ended 30 June 2012

Highlights

  • Revenues up 7.3% to £508.7m – underlying revenue growth of 6.8%
  • Adjusted operating profit up 12.5% to £103.4m
  • Fully diluted adjusted EPS up 13.9% to 28.6p
  • Cash generation from operating activities up to £113.9m (112% conversion)
  • Events operating profit up 29.6% to £74.8m, 66.5% of group total (excluding corporate costs)
  • Forward bookings for top 20 events up 12.7%
  • Emerging Markets revenues up 20.9% to £93.1m, representing 18.3% of total
  • Seven acquisitions completed in H1 for expected consideration of £26.6m
  • Initiated strategic review of Data Services businesses

David Levin, UBM’s Chief Executive Officer, commented, “We have had a good first half of the year with underlying revenue growth of 6.8% and margins up almost a percentage point to 20.3%. Our strategy is
yielding positive results as we continue to improve the quality of the business. We have decided to explore strategic options for the Data Services businesses to confirm we are allocating capital appropriately between the growing number of opportunities now available to us.

Our events portfolio performed very well with good attendee-led technology events in the US, an above-plan performance at Ecobuild in its first edition under UBM ownership, and strong results from our events in Emerging Markets, particularly in China. PR Newswire generated GDP-plus revenue growth and improved its margins while also launching new products. Data Services results reflect specific challenges in two verticals but overall the business made good progress. Marketing Services – Online grew well, led by our community-focused products, while the Print component declined more rapidly than anticipated.

We remain on track to meet our expectations for the full year. We now expect improved underlying growth for Events of 12%-14%. PR Newswire remains on track. We maintain full year guidance for Data Services where we expect an improved performance notably from UBM TechInsights in the second half. However, we now expect Marketing Services – Online and Print to deliver growth of between 0%-2%. While our business is trending positively, we are retaining our consolidated guidance as we are mindful of the uncertain external environment.”

Read the full announcement here http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11279128

UK, London

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Reed Elsevier – results for the six months to 30 June 2012

July 30, 2012 — Fusion DigiNet

Reed Elsevier, the global professional information company, has reported revenue, profit and earnings growth in the six months to 30 June 2012.

Financial and Operational Highlights 

Underlying revenue growth across all five business areas: Underlying revenue growth +5% (+3% excluding biennial event cycling) after adjusting for acquisitions and disposals and currency translation. Total reported revenues grew +5% to £3,053m or +12% to €3,725m.

Underlying adjusted operating profit growth across all five business areas: Underlying adjusted operating profit growth +7% after adjusting for acquisitions, disposals and currency translation. Total adjusted operating profit grew +9% to £845m or +16% to €1,031m; +8% at constant currencies. Margins increased by 1.1 percentage points to 27.7%, driven by improvements in all five business areas.

Stable interest and tax: Interest charge slightly lower at £107m/€131m; adjusted effective tax rate increased by 0.4 percentage points to 23.7%.

Adjusted EPS growth: Reed Elsevier PLC +11% to 24.7p; Reed Elsevier NV +18% to €0.47; +10% at constant currencies. Reported EPS after amortisation of acquired intangible assets and acquisition related costs +52% to 24.0p for Reed Elsevier PLC and +57% to €0.47 for Reed Elsevier NV including disposal gains.

Interim dividend: Reed Elsevier PLC +6% to 6.00p; Reed Elsevier NV +18% to €0.130. The difference in dividend growth rates reflects movement in euro/sterling exchange rates since last year’s interim dividend announcement date.

Balance sheet & cash flow: Net debt of £3.3bn/€4.1bn at 30 June 2012, 2.3 times adjusted 12 month trailing EBITDA on a pension and lease adjusted basis (1.7 times on an unadjusted basis). Adjusted operating cash flow conversion rate of 92%. Capital expenditure represented 5% of revenue (6% expected for full year).

Organic investment in transforming core business: Continued investment in digital platforms and products across Reed Elsevier. Range of insurance data services extended along carrier workflow. Positive customer reaction to Lexis Advance releases. Launch of online clinical reference tool ClinicalKey, and roll out of Nova platform across exhibitions globally.

Organic build out of new products into adjacent markets and geographies: 15 new exhibitions launched, the majority in high growth markets; XpertHR launched in US market; insurance data services introduced in UK; new legal practical guidance products released internationally.

Acquisitions: Buyout of leading Brazilian exhibitions joint venture completed; other acquisitions of small high growth exhibitions and paid content and data businesses.

Divestments: Process accelerated in H1. Disposals of Totaljobs, MarketCast, and other small publishing and services assets completed. Planned disposals of Variety and RBI Australia announced.  We expect completed and planned disposals to be mildly dilutive to EPS in the short term. However, we intend to use gross divestment proceeds to buy back shares this year, mitigating this impact. In H1 gross cash proceeds from disposals were £158m/€193m.

 

Elsevier (41% of adjusted operating profit)

  • ·     Underlying revenue growth +2%; unit volume and usage growth in research, particularly in emerging markets, and strong revenue growth in databases and tools driving +5% revenue growth in Science & Technology. Health Sciences flat, with double digit growth in electronic revenues offset by declines in print books and pharma promotion
  • ·     Double digit growth in article submissions and usage across science and health; successful launch of ClinicalKey
  • ·     Underlying operating profit +4%; reflecting ongoing process efficiencies
  • ·     FY 2012 outlook: H1 trends continuing into H2 generating modest underlying growth

LexisNexis Risk Solutions (22% of adjusted operating profit)

  • Underlying revenue growth +5%; Insurance +7% driven by product extensions across carrier workflow; good growth in Business Services. Modest growth in Screening; moderating declines in Government
  • New product rollouts across Insurance and Business Services continuing
  • Underlying operating profit +5%; reported margin expansion reflects disposal of low margin business
  • FY 2012 outlook: Continued good growth in Insurance and Business Services supported by new products; Government remains mixed

LexisNexis Legal & Professional (12% of adjusted operating profit)

  • Underlying revenue growth +1%; continued good growth in new sales and usage of legal research in law firms and corporate customers and in international online; moderated by print and marketing services declines
  • Lexis Advance releases progressing well
  • Underlying operating profit +2%; process efficiencies more than offset continued development costs
  • FY 2012 outlook: Customer markets remain subdued, limiting upside to revenue growth and further margin expansion

Reed Exhibitions (18% of adjusted operating profit)

  • Underlying revenue growth +23% (+12% ex cycling); H1 revenues benefited from timing of annual shows adding around 4 percentage points to growth, and strong growth in emerging markets
  • Investment in higher growth markets through new launches and small selective acquisitions
  • Underlying operating profits +30%; margin improvement partially reflecting positive impact of show timing in H1
  • FY 2012 outlook: Continued strong underlying revenue growth (excluding cycling), albeit moderated from H1 double digit rate as annual show timing unwinds

Reed Business Information (7% of adjusted operating profit)

  • Underlying revenue growth +1%; continued good growth in data services and marketing solutions, leading brands broadly stable, declines in other magazines & services
  • Integration of CBI China, Accuity and Ascend on track. Totaljobs, MarketCast, and other small disposals completed; further disposals announced
  • Underlying operating profits +10%; record margin of 18% reflects process efficiency and portfolio changes
  • FY 2012 outlook: Good growth in data services, stable leading brands, continued weakness in other magazines & services

UK, London

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