FUTURE NETWORK PLC
28 September 1999
FUTURE SELLS AOL SHARES FOR $18.3 MILLION
The Future Network plc ('Future'), the video games, home computing and other
specialist consumer magazines publisher, today announced that it has disposed
of 182,492 shares in America Online Inc. ('AOL') (New York Stock Exchange:
AOL), yielding $18.3 million after associated expenses.
The equity holding in AOL was acquired by Future as part of its acquisition of
Imagine Media in June 1999, and had an original cost of $661,500. Imagine
Media acquired the shares as consideration for the sale of a holding in
Spinner.com, an internet radio business in which it had invested. Imagine
Media continues to hold a small investment in AOL under an escrow arrangement.
On the acquisition of Imagine Media, the total shareholding was valued at
$18.1m. A small pre tax profit will therefore be realised in the Future
Network's 1999 results.
Commenting on the sale of the shares, Greg Ingham, CEO of The Future Network
plc said:
'This was clearly a very successful investment born of Imagine's presence in
San Francisco and understanding of internet start-ups. It is not part of The
Future Network's remit to hold publicly quoted stock long term, and these
funds will increase our capacity to develop our core business.'
For further information:
Greg Ingham, Chief executive Tel: 01225 442244
Future Network
James Longfield Tel: 0171 357 9477
Hogarth Partnership
Background on The Future Network:
The Future Network was founded in the UK in 1985. Since this time it has
become the leading publisher of video games and home computing magazines in
the UK, France, Italy and the US. Headquartered in Bath, England, Future is
the fourth largest publisher in the UK. It employs over 1,400 people in
offices in Bath, London, San Francisco, New York, Paris, Milan and Munich.
Future publishes 112 magazines worldwide and has extensive online activities
generating over 50 million page views per month. Future was floated on the
London Stock Exchange in June 1999 and has a current market capitalisation of
over £850 million.
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