Imagine Publishing Acquisition Update

RNS Number : 3695M

Future PLC

12 October 2016

 

12 October 2016

Future plc

Imagine Publishing acquisition update - CMA consents to closing

Future plc (LSE: FUTR, "the Group", "Future"), the international media group and leading digital business, has been informed that the CMA has no objection to Future completing the acquisition of Imagine Publishing Limited.  

The proposed acquisition of Miura (Holdings) Ltd, the holding company and ultimate parent company of Imagine Publishing Limited ("Imagine Publishing") was announced on 23 June 2016, with the completion of the deal conditional upon CMA clearance.  On 7 October 2016, the CMA stated that it had found competition issues only in relation to the acquisition of one sci-fi title (Sci-Fi Now). Future has agreed with the CMA to ring-fence Sci-Fi Now pending resolution of this issue.

Completion is targeted to take place on 21 October 2016, following publication of a prospectus and admission of the new ordinary shares (which are to be issued as consideration for the acquisition) to trading. The Group expects to provide an update on this process shortly.

Zillah Byng-Thorne, Chief Executive, said:

"The acquisition of Imagine, which will complement and expand our capabilities, is a further substantial step towards our strategy of creating content that connects,  increasing scale and improving operational efficiency.

"We are very pleased to have reached an agreement with the CMA so quickly.  The financial and operational implications of selling one title are minimal.

"Last year Imagine issued 265 magazines and 257 bookazines as well as delivered 2.4 million and 1.0 million copy sales respectively. We look forward to completing the acquisition and integrating the Imagine Publishing portfolio into the business over the next few months."

Enquiries:

Future plc	01225 442244
Zillah Byng-Thorne, Chief Executive Officer
Penny Ladkin-Brand, Chief Financial Officer
Instinctif Partners	020 7457 2020
Adrian Duffield/Lauren Foster

 

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