First Artist Corporation has sold its artist representation agency, First Artist Management (FAM), to James Grant Media for up to £200,000.

First Artist Corporation has sold its artist representation agency, First Artist Management (FAM), to James Grant Media for up to £200,000.

FAM represents television presenters and sports stars, and was acquired in 2006 from founder Nicola Ibison, currently managing director of the agency. The London-based business generated an operating profit of £3,900 on turnover of £536,000 in the year to August 2009.
 
Jon Smith, chief executive of First Artist, says that the sale of FAM is part of the company’s strategy of focusing on its core business and reducing its debt.

In the six months ending February 2009, First Artist Corporation reported an increase in revenue of 38 per cent to £37.8 million, while gross profits were up 18 per cent to £11.7 million.