Media company UBM has agreed to sell its UK entertainment and technology product portfolio to Intent Media for £2.4 million in cash.
Media company UBM has agreed to sell its UK entertainment and technology product portfolio to Intent Media for £2.4 million in cash.
The portfolio comprises the print magazine titles Pro Sounds News Europe, Television Broadcast Europe, Installation Europe and Music Week, and their related websites and events.
UBM is selling the portfolio, which generated £5.4 million of revenue in 2010 and achieved a double digit contribution margin, on behalf of its UBM Connect division, according to a statement.
Intent Media’s managing director Stuart Dinsey says the acquisition is a ‘significant move’ for the business as it doubles in size.
‘We are heading into markets that fit our current landscape, whilst also continuing our policy of holding a leadership position wherever we operate,’ Dinsey adds.
The transaction will be completed in the next six weeks, subject to completion of the consultation process.
It is expected that up to 36 staff will transfer to Intent Media, meaning that total staff count across the group will rise to around 90, with projected combined revenues of over £10 million for the year ending 30 September 2012.
Adrian Barrick, CEO of UBM Connect, comments, ‘I am pleased we will pass stewardship of these well-established entertainment and technology titles to Intent Media, which focuses on serving specialist entertainment, technology and leisure markets.’
Intent Media’s existing brands include MCV: The Market for Computer & Video Games, ToyNews, Mobile Entertainment, Bikebiz and Musical Instrument Professional.
