Future PLC
06 March 2006
6 March 2006
Future plc
Acquisition of US music magazine for £2.3m
Future plc ('Future'), the international special-interest media group, today
announces that Future US has acquired the title and goodwill of US heavy metal
music magazine Revolver and its related website (www.revolvermag.com), from
Harris Publications for a cash consideration of £2.3m (US$4.0m). The
acquisition will be financed from the Group's existing bank facilities.
Launched in 2000, Revolver is today the leading US heavy metal music magazine,
with 2005 turnover of US$3.7m, generating gross profits of US$0.5m. The magazine
and website team will join Future US' New York office on completion.
Future anticipates in 2007 a post-tax return on this investment in excess of the
Group's weighted average cost of capital.
Commenting on the acquisition, Greg Ingham, Future's Chief Executive said:
'Revolver is a natural fit with our US music titles and will benefit from being
part of a larger music portfolio. In fact it is something of a homecoming for
Revolver, which was launched under the management of Brad Tolinski, who joined
Future in 2003 when we acquired Guitar World, also from Harris. There is also
strong editorial crossover with our UK music titles Metal Hammer and Classic
Rock, both of which are seeing good circulation growth at present.'
Enquiries:
Future plc
Greg Ingham, Chief Executive Tel: 01225 442244
John Bowman, Finance Director Tel: 01225 732281
Hogarth Partnership
James Longfield/Georgina Briscoe Tel: 020 7357 9477
About Future
Future plc is an international special-interest media group with offices in the
UK, US, France and Italy. Founded in 1985 with one UK magazine, today it creates
over 150 special-interest publications, websites and events with strong
portfolios in the computing, games, music, automotive, sports, crafts and
leisure sectors. Future employs over 1,500 people worldwide. It is the 11th
largest US magazine publisher at newsstand by retail sales value. 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
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