Penske Media Corporation acquires Art Market Monitor

Penske Media CorporationPenske Media Corporation, the parent company of ARTnews, is to acquire Art Market Monitor, an online publication run by its founding editor Marion Maneker since 2008. Through the acquisition, Maneker will become editorial director of ArtNews Media, LLC, a company that oversees ARTnews and Art in America. The terms of the transaction were not disclosed.

Jay Penske, Chairman and CEO of PMC, said, “In the art world, where a significantly fragmented audience spans so many websites, newsletters, and brands, PMC sees the opportunity to augment these exceptional brands with further investments in content and editorial, complemented by robust data and analytic tools, and growing an engaging live media and event business. This acquisition adds a strong subscription business that expands PMC’s reach and influence in the art vertical.”

Prior to launching Art Market Monitor, Maneker was the publisher of HarperCollins’s business books imprint from 2002 to 2007. He also served as an editor at Simon & Schuster, and his writing has appeared in New York Magazine, the New York Sun, and Slate.

Art Market Monitor offers in-depth news and analysis about the art market, and also offers a premium subscription service. In addition to its editorial offerings, the website produces a podcast called Artelligence.

PMC acquired ARTnews and Art in America in 2018. Other publications in its portfolio include Variety, WWD, Robb Report, Rolling Stone, and Indiewire.

USA, Los Angeles, CA & New York, NY

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IHS Markit and Informa exchange business units

IHS MarkitFinancial data company IHS Markit and Informa, the international exhibitions, events, information services and scholarly research group, have exchanged the majority of the IHS Markit Technology, Media and Telecoms intelligence business for Informa’s Agribusiness Intelligence Informa plcgroup.

The agreement values the two exchanged businesses at equivalent EBITDA multiples, with Informa contributing an additional $30 million cash to IHS Markit to reflect the larger EBITDA contribution from the TMT business. IHS Markit will retain RootMetrics, its benchmarking business and a portion of its market intelligence business. Both transactions are expected to close in July 2019 and are subject to customary closing conditions, including US regulatory approval.

IHS Markit confirmed that the transaction will not affect its capital allocation strategy to delever its debt ratio below 3.0x and complete USD 500 million in share repurchases in 2019.

Lance Uggla, CEO of IHS Markit said, “The Informa Agribusiness Intelligence portfolio is a clear extension of our Chemical and Downstream businesses and builds our existing data, pricing, insights, forecasting and news services within our Resources segment. Agriculture is the largest end chemical market in the world and this transaction expands our capabilities into fertilizers and chemical crop protection, while substantively expanding our capabilities in biofuels.”

UK, London

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Future plc acquires Cycling News and Procycling

Future plcFuture plc has acquired two specialist consumer brands from Immediate Media: Co – CyclingNews.com and Procycling Magazine. The terms of the transaction were not disclosed.

Launched in 1995, Cycling News has a brand reach of over 3.3 million and is, says Future, the world’s biggest pro-cycling website. Procycling launched in 1999 and publishes 13 print issues annually.

Future says it is dedicated to building specialist brands and that Cyclingnews and Procycling perfectly complement its consumer hobbies portfolio. According to Future, the cycling market is set to grow from £2.6bn to over £3bn by 2020. Public interest in professional cycling in the UK has grown during the past decade, buoyed by the success of Team GB and Team Sky during this period. With each of the Grand Tours of 2018 being won by British riders, the emerging success of Geraint Thomas and Simon Yates has further driven interest and enthusiasm for cycling within the UK. This has also been reflected in a good underlying trend in the UK cycling retail market, which has seen strong growth over this period and is forecast to continue to grow towards £3.0bn by 2020.

Zillah Byng-Thorne, CEO of Future, said, “The acquisition of these brands will expand our presence in the sport and outdoor leisure vertical and is a clear demonstration of our strategy to leverage enduring content on our technology platform to further diversify our revenue streams. Cycling News and Procycling are respected brands with leading market positions that will complement our existing portfolio whilst extending our reach into new adjacent communities. These brands are leading worldwide voices on professional cycling, offering analysis, insight, gorgeous photography and exclusive interviews with the industry greats.

“We have a proven methodology and track record of integration and we are confident that this deal will drive further growth in operating profitability and cash generation. You may remember that these brands were originally published by Future before we sold them to Immediate in 2014. Buying them back is a special moment for us to honour a piece of our heritage and a fantastic opportunity to expand our portfolio into the world of cycling.”

UK, London

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CRU Group acquires Steel Market Update

CRU GroupCRU Group, the metals, mining and fertilizer consultancy, has acquired the US-based Steel Market Update conference, training and newsletter business. The terms of the transaction were not disclosed.

Founded in 2008, Steel Market Update provides and analyses real-time pricing, market trends, and relevant information related to the North American flat rolled steel market through its newsletter, website and events.

Robert Perlman, Chairman of CRU, said, “We are delighted to be joining forces with John and his team. Our businesses have a shared commitment to independent and insightful coverage of the steel market. CRU’s global position will be greatly strengthened by SMU’s coverage of North America. The SMU brand will go from strength to strength under the CRU umbrella.”

UK, London & USA, Hobe Sound, FL

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