Immediate Media to acquire Future’s sport and craft brands
Immediate Media is to acquire Future’s sport and craft titles, which include brands such as BikeRadar.com, Cycling Plus, Simply Knitting and Mollie Makes.
The deal, worth £24m, is set to complete over the next few months and is subject to shareholder approval.
Brands included in the deal:
SPORT
Cycling Plus
Procycling
Mountain Biking UK
CRAFT
Love Patchwork & Quilting
Simply Knitting
Mollie Makes
The Simple Things
Tom Bureau, CEO, Immediate Media, said: “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.”
Zillah Byng-Maddick, CEO, Future, 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.”
Immediate Media and Future are FIPP members.
