Meredith to acquire Allrecipes.com

February 3, 2012 — Fusion DigiNet

Meredith Corporation is to acquire digital food site Allrecipes.com.

The transaction is valued at $175 million and is expected to close later this quarter.  Meredith plans to invest in Allrecipes.com to optimise the site for today’s growing online and mobile audiences. This investment spending, along with normal business seasonality, is expected to make the acquisition slightly dilutive – approximately $0.10 per share, or less than 4 percent – to Meredith’s fiscal 2012 full year financial performance.  Meredith expects the acquisition will be modestly accretive to earnings per share and free cash flow in fiscal 2013.

The addition of Allrecipes.com fits with Meredith’s previously stated strategic acquisition criteria: (1) National media brands that provide access to new audiences and advertising categories; and (2) Digital platforms that significantly increase scale.

“The acquisition of Allrecipes.com significantly enhances our digital platform and reinforces our leadership position in the food category,” said Meredith National Media Group President Tom Harty. “It increases our relevance with new, younger audiences, and offers advertisers an unmatched ability to now connect with an audience of more than 100 million consumers.  We are excited to add Allrecipes.com, the world’s No. 1 food website, to our strong portfolio of digital media brands.”

Allrecipes.com currently has a database of over 500,000 recipes.  Its U.S. audience is 70 percent female with a mean household income of $73,000, and it reaches nine out of 10 primary grocery decision makers. Allrecipes.com mobile apps have been downloaded by over 11 million consumers, and they are the No. 1 download on Android, iPhone, and iPad recipe applications.  It is also the top food recipe channel on YouTube.

BDT & Company served as financial advisor to Meredith, and McDermott, Will & Emery served as its legal advisor.  Morgan Stanley and Evercore Partners acted as financial advisors to Reader’s Digest, and Weil, Gotshal and Manges acted as its legal advisor.

USA, Des Moines, IA

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Internet Brands acquires The Frugal Travel Guy

February 3, 2012 — Fusion DigiNet

Internet Brands has acquired The Frugal Travel Guy, a travel blog focused on helping consumers save money on travel around the world.

The Frugal Travel Guy was founded in 2007 by Rick Ingersoll, a retired mortgage banker and avid world traveler. Ingersoll is a noted expert in frequent flyer mile programs, customer service requests, and using good credit ratings to take advantage of bank promotions.

“Rick’s passion for travelling frugally is contagious. You can feel his energy and enthusiasm in The Frugal Travel Guy blog, which is constantly updated with new travel tips and informative personal anecdotes about saving money on travel,” said Brent Conver, General Manager, Travel and Leisure at Internet Brands. “The expertise Rick and the entire Frugal Travel Guy team offer make The Frugal Travel Guy a valuable asset to our growing portfolio of travel sites designed to make travel easier, cheaper and more efficient for consumers.”

The Frugal Travel Guy will join Internet Brands travel sites FlyerTalk, Wikitravel and CruiseMates. Ingersoll and his team of writers will continue producing the Frugal Travel Guy blog after the acquisition.

USA, Los Angeles, CA

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Elsevier acquires The Ocular Surface

January 19, 2012 — Fusion DigiNet

Elsevier has acquired The Ocular Surface, a peer-reviewed journal focusing on the external eye and vision.

The Ocular Surface delivers reviews of important work in laboratory science, clinical science, and clinical practice related to the external eye and vision, along with coverage of ongoing studies, patents pending, conference highlights, and more. The Ocular Surface has an Impact Factor of 3.103 and is ranked 7th out of 56 journals in the Ophthalmology category according to the 2011 Journal Citation Reports published by Thomson Reuters. The journal has remained in the top 10 ranking of Impact Factors for the last three years.

Nancy Axelrod, Executive Publisher at Elsevier said, “Elsevier is truly honored to publish The Ocular Surface. This premier journal represents innovative, high-quality content, and is an excellent addition to our leading ophthalmology journals program,”

The Netherlands, Amsterdam & USA, New York, NY

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Scripps provides revenue guidance for 2012

January 19, 2012 — Fusion DigiNet

The E. W. Scripps Company has provided a broad outlook for the revenue performance of its television stations and newspapers in 2012.

For the full year 2012, total television revenues should increase by more than 50 percent. That includes more than $100 million of revenue for the stations that were acquired from McGraw-Hill Broadcasting Company on December 30, 2011.

Excluding the newly acquired stations, television revenue should increase more than 15 percent, fueled by low-to-mid-single-digit growth of core revenue, and political revenue that should exceed the $42 million figure reported in the previous presidential election cycle.

Newspaper revenue should be down slightly to approximately $400 million.

The commentary was part of prepared remarks at the Noble Financial Equity Conference. A replay can be heard by visiting the investor relations page at http://www.scripps.com.

More-detailed guidance for the first quarter of 2012 will be released when the company reports its year-end earnings in February.

USA, Cincinnati, OH

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The E.W. Scripps Company third quarter results Posted on November 9, 2011

 

 

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Berkery Noyes releases 2011 year-end Financial Technology & Information Industry M&A Acquisitions Report

January 18, 2012 — Fusion DigiNet
Berkery Noyes has released its 2011 Full Year Mergers and Acquisitions Trend Report for the Financial Technology & Information Industry.

The report analyses the sector for 2011 and compares it with similar activity in 2009 and 2010. This market includes information and technology companies in capital markets, payments, banking, insurance and other related financial services.

  • The most active acquirer between 2009 and 2011 was Thomson Reuters with 11 transactions.
  • Total transaction volume in 2011 increased by 2 percent over 2010, from 266 to 271 transactions.
  • Total transaction value in 2011 increased by 43 percent over 2010, from $20.52 billion in 2010 to $29.78 billion this year.
  • The median revenue multiple increased from 2.2x in 2010 to 2.6x in 2011, while the median EBITDA multiple decreased from 13.5x to 11.6x.

There has been a consistent improvement in the number of Capital Markets transactions, which was the only segment that saw an increase from 2010 to 2011. Indeed, the most active market segment tracked by Berkery Noyes between 2009 and 2011 was Capital Markets with 254 transactions, 100 of which were announced or closed in 2011. The segment’s transaction value for the year was $18.17 billion.

“At present we are seeing destructive creativity going on in a number of financial service sectors,” said Peter Ognibene, Berkery Noyes managing director. “For instance, smart phones have become digital wallets and are enabling a host of banking and other mobile commerce activities. There has also been an increase in consumer focus on wealth management strategies. And as always in times of turmoil and uncertainty – there is a desire for more precise and forward looking risk management tools, especially enterprise-wide.”

Click here to read the full report.

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January 18, 2012 — Fusion DigiNet

Mountain News Corporation, publisher of OnTheSnow Norwegian snow sports website Skiinfo. This acquisition will increase Mountain News Corporation’s reach in key European ski markets and creates a total audience of more than 23 million unique visitors per year. The combined companies will operate in 14 languages and 20 countries.

Established in 1996 in Oslo, Norway as a snow reporting website, Skiinfo.com expanded over the years adding offices in Germany, France, Italy and Slovakia, and had an audience of 11 million unique users in 2011.

“This acquisition allows us to combine the dominant snow sports leader in North America with the leader in Europe to create the first ever, truly global snow sports media platform,” said Chad Dyer, global managing director of Mountain News Corporation. “With a combined 23 million unique visits per year, we will be able to offer advertisers access to skiing and snowboarding enthusiasts around the world — one of the most coveted demographics in media. The combined companies also will be able to offer skiers and riders the most comprehensive global snow sports content and most robust worldwide snow reports.”

The acquisition is expected to close on February 1st, 2012.

USA, Broomfield, CO & Norway, Oslo

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UK private equity investment in the £10M-£10OM market grows by 44%

January 18, 2012 — Fusion DigiNet

Data from the Lyceum Capital and Cass Business School UK Growth Buyout Dashboard shows that the UK has reinforced its position as the preeminent market for private equity investment in Europe, with activity in its lower mid-market having continued its strong recovery in 2011 to pre-recession levels of almost 100 deals.

Highlighting the segment’s robustness despite macro-economic challenges, the UK Growth Buyout Dashboard, revealed 44 per cent growth in the total number of transactions last year to 91, compared to 63 in 2010 and 34 deals in 2009.

The quarterly data, which analyses UK-headquartered private equity control deals in the £10 to £100 million enterprise value space, also shows that total deal value has more than trebled over the past three years, with aggregate values in excess of £3.4 billion last year compared to over £2.2 billion in 2010 and just above £1.0 billion in 2009.

Technology, media and telecommunications (TMT) was the stand-out sector – a trend which is likely to continue, driven by growth in innovative IT solutions such as cloud computing and mobile business applications. 26 TMT deals completed during 2011, contributing to 29 per cent of completed transactions, compared to 11 a year earlier and just four in 2009.

Click here to read the full UK Growth Buyout Dashboard.

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Future sells its US Music division to New Bay Media for $3M

January 13, 2012 — Fusion DigiNet

Future plc subsidiary Future US is selling its loss-making, New York based, Music Division to NewBay Media for a gross consideration of $3.0 million. The sale involves the US magazines Guitar World, Revolver and Guitar Aficionado and the related websites together with a licence to operate the Golden Gods Awards show in the US.

The gross consideration is payable as follows: $2.60 million in cash on completion; $0.15 million in cash on 30 September 2012; and $0.25 million in cash in the third calendar quarter of 2012 based on achievement of certain operational targets. In addition, NewBay will assume all subscription liabilities relating to the titles. The net sale proceeds will be used for the continued restructuring of Future US and to reduce the level of bank debt. The is made on a cash-free/debt-free basis.

Post completion of the sale, there will be a short transition period during which Future US will continue to support NewBay while NewBay integrates the US Music Division into its portfolio. Once this period is over, Future will market its New York property.

For the year ended 30 September 2011, the revenue and pre-tax loss attributable to the US Music Division was £8.5 million and £3.8 million, respectively.  At 30 September 2011, the US Music Division had gross assets of £1.8 million.

Mark Wood, Future’s Chief Executive, said: “The sale represents a big step forward in our strategy to streamline our US business and return it to profitability by 2013. The merger of our mainstream US operations and our UK business is on track, and we are making good progress in reducing costs. We continue to accelerate our transition to a digital business model and to create a single global product line, selling our entire range of digital content to high-value audiences in all key markets.”

USA, New York, NY

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Immediate Media acquires You & Your Wedding and Prima Baby from Hearst Magazines UK

January 12, 2012 — Fusion DigiNet

Immediate Media Co has entered into a binding agreement to acquire the magazine and website assets of You & Your Wedding and Prima Baby & Pregnancy from Hearst Magazines UK for an undisclosed sum. All staff working on the titles within the deal are expected to transfer to Immediate Media’s London offices.

The deal marks the first acquisition by the newly-created Immediate Media Co, formed out of the merger of BBC Magazines, Origin Publishing and Magicalia in November 2011. The company already publishes a parenting portfolio including Practical Parenting and Pregnancy magazine and the MadeforMums digital network, as well as bridal brand Perfect Wedding.

Tom Bureau, CEO of Immediate Media Co, says: “I am delighted that we have acquired these strong assets. They are an excellent fit with our existing brands and this acquisition is in line with our strategy of developing strong cross-media opportunities. The deal also demonstrates our ambition to invest in Immediate Media Co in order to create a fast-growing, dynamic business, and we look forward to welcoming the new teams.”

Arnaud de Puyfontaine, Chief Executive, Hearst Magazines UK, says:  “This deal reinforces our overall strategy to focus investment on Hearst UK’s core business and digital expansion, and we are confident this move will allow both You & Your Wedding and Prima Baby to succeed within the Immediate Media stable.”

UK, London

 

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Ad Network and publishing company PK4 Media acquires JSFour Media and Technology

January 12, 2012 — Fusion DigiNet

PK4 Media, an online video advertising network and publishing company, has acquired JSFour, a media and technology company. As part of the acquisition JSFour founder Jimi Smoot will join PK4 Media as the VP of Product Development. The two companies have been in collaboration to develop an advanced video distribution platform named Bishop.

The Bishop Video Platform is designed for the next generation of online video. At the core of Bishop’s DNA is JSFour’s Render platform, which was engineered for publishers to lower the cost associated with running video on their site. PK4 Media brings advertisers to the mix to offset any cost.

“When JSFour showed us their low cost and streamlined method for publishers to add video to their site, light bulbs went off instantly,” said PK4 Media CEO and Founder, Tom Alexander. “We knew that the publishers we have relationships with would benefit from this platform, and any costs would be offset through our brand partners. We acquired the technology almost immediately.”

USA, Los Angeles, CA

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