Future to buy TI Media
Future has announced its intention to acquire TI Media, the magazine publisher of over 40 brands, for £140m.
Founded in 1985, Future, which publishes hundreds of titles covering tech, entertainment, music and home interest, will use the deal to expand its portfolio to more than 220 global brands.
The publisher will enter three new consumer interest markets - lifestyle, women's interest and sport - as it adds titles including Marie Claire UK, Country Life and Decanter to its portfolio.
The acquisition "honours our ongoing strategy of expanding our global reach", the company said in a statement, adding that it sees potential to scale TI Media's brands digitally and internationally using its SEO and tech expertise.
Upon completion, TI Media's current chief financial officer, Rachel Addison, is to join Future as CFO of the group. Addison ran the integration of Local World and Trinity Mirror (now Reach) in 2015.
Penny Ladkin-Brand will also commence her new role at Future as chief strategy officer.
Meanwhile, CEO Zillah Byng-Thorne, said: “Following a record-breaking year of huge organic growth at Future, I am delighted that we are now in a position to announce the proposed acquisition of TI Media.
"We have long admired TI Media, and I am thrilled at the prospect of bringing our exceptional teams together. I truly believe that through our combined passion, determination and expertise that we will be a super-force of specialist media”.
Future ended the last financial year with revenues of £220 million.