Future PLC
16 June 2005
16 June 2005
FUTURE PLC
Acquisition of 38 magazines and related businesses from Highbury
Future plc ('Future'), the international special interest consumer magazine
group, notes today's announcement by Highbury House Communications plc that
Highbury shareholders have approved the resolution relating to the proposed sale
of 38 magazine titles and related businesses to Future at today's EGM. This was
the last outstanding condition relating to the transaction and accordingly the
transaction should be completed next Tuesday, 21 June 2005.
The titles being acquired (list attached) include Fast Car, Fast Bikes, DJ, DVD
Review, the What Video group of magazines and Highbury's puzzle magazines.
Additionally, the deal includes Highbury's US business which publishes five
magazines. Highbury management accounts for the year ended 31 December 2004 show
that: (a) the assets being acquired generated unaudited aggregated turnover of
approximately £34.1 million; (b) the unaudited aggregated profit (before
interest, taxation and amortisation) attributable to these assets was
approximately £5.3 million; and (c) the unaudited aggregated net assets relating
to the transaction were estimated at £20.1 million of which approximately £18.4
million related to intangible publishing rights.
None of the titles being acquired is a games title. As a result of this deal,
the estimated split of the Group's revenues is likely to become Games 38%;
Entertainment 34%; and Computing 28%.
Commenting on the acquisition, Greg Ingham, Future's Chief Executive, said:
'We're really pleased that Highbury's shareholders have approved Future's
acquisition of these magazines. They'll be fine additions to our burgeoning
portfolio and we're looking forward to welcoming the people working on them to
Future next week.
'We celebrate our 20th anniversary this month and are confident that our
business is in good shape. These are exciting times for Future.'
Enquiries:
Future plc
Greg Ingham, Chief Executive Tel: 01225 442244
John Bowman, Finance Director
Hogarth Partnership
James Longfield/Georgina Briscoe Tel: 020 7357 9477
Notes for Editors/
UK titles being acquired by Future:
Arrows
Classics
Crossword
Digital Video
DJ Monthly
DVD Review
Fast Bikes
Fast Car (including The Guide)
First on Video
Health and Fitness
Home Cinema Choice
Home Entertainment Week
Jumbo Cross
Jumbo Cross Collection
Logical Challenge
Logical Challenge Collection
Pixel IT
Pregnancy
Pro Cycling
(Puzzle) Codewords
Puzzle Monthly
Puzzle Monthly Collection
Spin
Tea Break Quickie
Tea Break Quickie Collection
Timecode
Total Mobile
What Digital Camcorder
What Home Cinema
What Plasma
What Satellite and Digital TV
What Video and Widescreen Entertainment
Word Fit
Wordspy
US titles being acquired by Future:
Do!
Decorating Spaces
Men's Edge
Pregnancy
Women's Health & Fitness
About Future
Future plc was founded in the UK in 1985. Today, it publishes over 100
special-interest consumer magazines worldwide with strong portfolios in the
computing, games, music, sports, motoring, crafts and leisure sectors. Future
employs 1,200 people in offices in the UK, US, France and Italy. Over 100
international editions of Future's magazines are also published under licence in
30 other countries across the world. The company is listed on the London Stock
Exchange (symbol FUTR).
This information is provided by RNS
The company news service from the London Stock Exchange
MIBBPA
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