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

Related articles:

New Media to acquire Schurz Communications’ newspapers for $30.0M

New Media Investment GroupNew Media Investment Group Inc., one of the largest publishers of locally based print and online media in the United States as measured by number of publications, has agreed to acquire the newspapers and related assets of Schurz Communications, Inc. for $30.0 million.

Schurz is selling ten daily newspapers, which include the highly attractive college towns of South Bend, IN (The South Bend Tribune) and Bloomington, IN (Herald-Times). The group has an average daily circulation of 105,000 and Sunday circulation of 94,000 and its websites average over 4 million unique visitors monthly and have over 300,000 social media followers. Additionally, there are nine weekly and fourteen other community publications that have aggregate weekly circulation of 250,000. These assets span Indiana, South Dakota, Maryland, Michigan, and Pennsylvania.

Michael E. Reed, New Media President and Chief Executive Officer, said, “We are excited to welcome the Schurz publications and their employees into New Media. After nearly 150 years of ownership, we are honored that the Schurz family has chosen us to steward these papers into the future. They have a long history of strong journalism and community impact and we are excited to build upon their digital efforts with the introduction of our UpCurve products.”

USA, New York, NY & Michawaka, IN

Immediate Media acquires Upper Street Events

Immediate MediaImmediate Media Co, the special interest content and platform company, is to acquire Upper Street Events Ltd, one of the UK’s leading producers of consumer enthusiast events. The terms of the transaction were not disclosed.

Upper Street Events is a specialist producer of over 15 events a year at the heart of the UK’s art & design, craft, cycling, dance and specialist travel scene. The acquisition of Upper Street significantly strengthens Immediate’s strategic audience development capabilities. The alignment of the special interest events, such as craft, with Immediate’s existing portfolio of brands, should create future growth opportunities.

Immediate reaches over 22 million UK consumers monthly across a range of special interest sectors, including food, cycling, parenting, weddings and craft. In the craft sector alone, Immediate reaches four million active crafters every month across its current content platforms.

Immediate Media CEO Tom Bureau said, “The acquisition of Upper Street Events is a further step in Immediate’s multiplatform transformation complementing our strategy of focusing on special interest content and communities. We see significant opportunities for growth and development in the events space, both in the markets Upper Street already operate in and with our portfolio of market-leading brands. This deal enhances our ability to offer our consumers world class content, products, services and experiences, across print, digital and live events.”

UK, London

Related articles:

US TMA acquires TABEXPO Exhibition & Congress

TMATobacco and nicotine industry data & information provider TMA has agreed to acquire assets of international multi-platform trade publisher and conference producer SpecComm International Inc.. Assets acquired by TMA include the nicotine and tobacco conference, GTNF; the magazines Tobacco Reporter, Vapor Voice and Tobacco Farm Quarterly; and the international trade exposition and congress, TABEXPO. The terms of the transaction were not disclosed.

Launched in 1994, TABEXPO grew to strategic importance under the management of British entrepreneur David Pike and the SpecComm events team led by publisher and global event director Elise Rasmussen. With David Pike’s retirement last year, the TABEXPO license was acquired by British businessman Steve Fowler. Mr. Fowler built his pet care business into a 50-store chain before selling it in 2016, and also served as a leading figure in his industry’s trade association. He is keen to bring his trading expertise to this new venture and work with TMA.

Elise Rasmussen, the new TMA Vice President of Sales and Marketing said she was confident that TABEXPO 2019 would be the best TABEXPO event to date, citing the continuity of experience and know-how that the original sales team brings, now backed by TMA and the expertise of Steve Fowler and TEM. She said, “My sales team will provide its in-depth knowledge of our customers, their business needs and objectives, which will continue to benefit from the history and experience of our TMA colleagues”.

USA, Princeton, NJ & Raleigh, NC

Meredith sells Fortune magazine to Thai billionaire for $150M

MEREDITH CORPORATION LOGOU.S. media company Meredith Corp is selling Fortune magazine for $150 million in cash to Thai businessman Chatchaval Jiaravanon, the second time the influential business magazine has changed hands this year. Best known for the “Fortune 500” list, the magazine was acquired by Meredith as part of its acquisition of Time Inc in January for $1.84 billion.

Jiaravanon is best known for his affiliation with Charoen Pokphand Group, or C.P. Group, a business conglomerate with stakes in the Thai telecommunications, food, retail and automotive industries.

The Fortune sale is expected to close before the end of the year and it will be a personal holding of Jiaravanon. In a statement, Jiaravanon said he wants to make Fortune “the world’s leading business media brand. The demand for high-quality business information is growing and with further committed investment in technology and brilliant journalism, we believe the outlook for further profitable growth is excellent both for the publication and the events business”.

Alan Murray, who has been editor of Fortune since 2014 and previously served as chief content officer of Time Inc., is becoming president and CEO of Fortune. He wrote on Twitter that he’s “delighted to have found a buyer for Fortune that shares our mission, our independence and will invest to make Fortune grow.”

USA, New York, NY

Related articles:

Digital First Media acquires the Boston Herald for $11.9M

Digital First MediaDigital First Media, one of the largest publishers of locally based print and online media in the United States, has completed the acquisition of the Boston Herald for $11.9 million at an auction in which they outbid competitors GateHouse Media and Florida private equity firm Revolution Capital Group. The auction followed Herald publisher Patrick Purcell filing for Chapter 11 bankruptcy in December 2017, citing declining revenue and readership.

Established in 1846 as a single two-sided sheet of news published by a group of Boston printers, the Boston Herald today has a circulation of 64,500, with an online following at BostonHerald.com.

Guy Gilmore, DFM’s chief operating officer, said, “DFM is pleased to have the opportunity to be a part of the Boston Herald through the next chapter of its storied history. The Herald is integral to the fabric of the great city of Boston”.

USA, Denver, CO & Boston, MA

Meredith Corporation completes acquisition of Time Inc.

MeredithMeredith Corporation has completed its acquisition of Time Inc., with February 2018 the first day of operations for the combined company. Time Inc. shareholders received $18.50 per share in an all-cash transaction valued at $2.8 billion originally announced on 26 November 2017. Meredith also announced fiscal 2018 second quarter and first half results.

Meredith Corporation Chairman and CEO Stephen M. Lacy said, “With this acquisition, we are creating a premier media and marketing company serving 200 million American consumers that’s positioned for growth across industry-leading digital, television, print, video, mobile, and social platforms. The combined portfolio joins the rich content-creation capabilities of many of the media industry’s strongest national brands with a powerful local television business that is generating record earnings.”

USA, New York, NY & Des Moines, Iowa

Related articles