GlobalData acquires MEED Media from Ascential for £17.5M

GlobalDataGlobalData PLC has announced the acquisition of MEED Media FZ LLC  from Ascential PLC for a cash consideration of $17.5 million. MEED, formerly known as the Middle East Economist Digest, provides premium business information content with an industry focus on infrastructure and projects in the Middle East. The business services its growing client base principally through annual subscription contracts.

As reported on Fusion DigiNet in January 2016, GlobalData Holding Limited, a company then owned by Mike Danson and Wayne Lloyd, was acquired by Progressive Digital Media Group Plc. Mike Danson is Executive Chairman of Progressive Digital Media Group.

Commenting on the acquisition Bernard Cragg, Executive Chairman of GlobalData, said: “MEED gives the Group the opportunity to further expand into a key region and adds an additional industry vertical to our offering whilst maintaining our disciplined investment criteria of premium proprietary content and strong renewable subscription based revenues.”

UK, London & UAE, Dubai

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Pearson agrees to sell 50% stake in The Economist Group

EconomistPearson has agreed to sell its 50% stake in The Economist Group for £469 million, payable in cash.

EXOR S.p.A. has agreed to purchase 27.8% of The Economist Group’s Ordinary shares for consideration of £227.5 million and all of the B special shares for consideration of £59.5 million from Pearson. Pearson’s remaining Ordinary shares will be repurchased by The Economist Group for a total consideration of £182 million.

The sales comes just weeks Pearson sold the Financial Times to Nikkei for £884 million.

The Economist Group is a leading source of analysis on international business and world affairs, delivered through a range of publications and services including: The Economist newspaper, one of the world’s leading weekly business and current affairs publications with a circulation of around 1.6 million; Economist.com; the Economist Intelligence Unit; CQ Roll Call and TVC.

Pearson reports its stake in The Economist Group as an associate and includes 50% of its profit after tax in operating income. In 2014, The Economist Group contributed £21 million to Pearson’s operating income and approximately 3 pence to adjusted earnings per share. At 31 December 2014, the carrying value of Pearson’s investment in The Economist Group was £nil.

John Elkann, Exor’s chief executive, said: “By increasing our investment in The Economist we are delighted to affirm our role as one of the Group’s long-term supportive shareholders, along with the Cadbury, Layton, Rothschild and Schroder families and other individual stable investors.

The transaction is subject to a number of regulatory approvals and to approval by both a 75% majority of The Economist Group shareholders and the group’s independent trustees. The provisions of the City Code on Takeovers and Mergers do not apply to The Economist Newspaper Limited. The transaction is expected to close during the fourth quarter of 2015.

UK, London & Italy, Turin

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The Economist Group acquires TVC Group

The Economist Group has acquired TVC Group. TVC is a communications agency, based in London, which specialises in a content-driven approach to public relations and creative services. TVC will continue to provide a stand-alone offer to its existing clients that include major brands across the consumer, government and luxury sectors. Terms of the deal were not disclosed.

Nigel Ludlow, UK managing director at The Economist Group, said: “This is a great move for The Economist Group. In a rapidly-changing media landscape, one consistent factor is our clients’ desire to communicate across a range of platforms and reach audiences in innovative ways. With TVC on board we will further advance the conversation with our partners and build relationships that reflect diverse and evolving requirements.”

TVC Group employs over 50 people in London serving a range of broad clients including Coca-Cola, British Gas, Aviva, Louis Vuitton and Jaguar Land Rover. Principal executives who will join The Economist Group include Nicky Minter-Green (managing director), Adam Clyne (commercial director), James Myers (broadcast director), Sarah Harris (strategy director) and Greg Lappage (creative director).

UK, London