This follows a Competition and Markets Authority (CMA) review of Immediate’s acquisition of a number of cycling and craft brands from Future. The CMA announced its findings in October and identified concerns related to the acquired Needlecraft (Cross Stitcher and Cross Stitch Collection) and Genealogy (Your Family Tree) brands because of existing brands in the Immediate portfolio in the same markets.
To address these concerns Immediate proposed undertakings to the CMA to sell the brands. The CMA considers that they have reasonable grounds for believing that the undertakings offered by Immediate, or a modified version of it, might be accepted by the CMA. The CMA will be consulting on the proposed undertakings in the near future. Immediate is today announcing the sale to Dennis, subject to CMA approval of the agreed transaction with Dennis.
Immediate Media CEO, Tom Bureau said: “I am pleased that we have found what we think is an effective way to remedy the CMA’s concerns while safeguarding the best interests of these brands. Cross Stitcher, Cross Stitch Collection and Your Family Tree are great brands created by talented people. Dennis are an ideal home for them and – subject to CMA agreement – I think this provides a great resolution to the situation.”
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