Immediate Media Co, the special interest content and platform company, has announced the acquisition of Future Publishing’s Sport and Craft titles. Future’s shareholders were notified about the £24m deal on 29 May, which is set to complete during the summer, subject to shareholder approval.
Future’s market-leading Sport titles reach over 4.7 million unique users a month, and will join Immediate’s fast-growing digital network. Focused on cycling, the Sport portfolio includes BikeRadar.com, alongside Cyclingnews.com. The print portfolio has a monthly circulation of more than 100,000 with Cycling Plus delivering 14 years of continuous circulation growth, alongside other leading titles Procycling and the market leader for off road cyclists, Mountain Biking UK.
Immediate CEO Tom Bureau says: ‘We are delighted to have reached this agreement with Future. Immediate’s strategy is to create the leading special interest content and platform company, and these brands fit with our vision. We are developing our business around leading content brands, highly-engaged specialist communities, and multi-platform commercial models. Backed by Exponent Private Equity, we have a track record of investing in our brands, around content and platforms, and we are excited to be welcoming the new teams to our company.’
Future CEO Zillah Byng-Maddick added: ‘These titles are well managed and very successful parts of Future’s portfolio and will continue to thrive under their new owners. Their disposal will enable Future to focus on our remaining lead verticals with an emphasis on the growing consumer technology market. I’m pleased that as we say goodbye to colleagues, I’m confident they are moving to an excellent home at Immediate.’