On 19 December the FT quoted Sky News in reporting an imminent deal between Hubert Burda and Exponent: The UK’s best known television listings magazine, the Radio Times, is to be sold to German media company Hubert Burda, as part of a deal worth about £260m. The negotiations to buy the magazine’s parent company, Immediate Media, could be concluded in the next few days, according to a source close to the deal, which was first reported by Sky News. For the full story read the FT further comment followed after the press release in The FT
Press Release: Exponent Private Equity (“Exponent”) today announces that it has agreed to sell Immediate Media Co (“Immediate”) to Hubert Burda Media for an undisclosed sum.(But see above)
Immediate is the UK’s leading and fastest-growing special interest content and platform company. It is home to some of the UK’s best-loved brands – including the Radio Times, the most valuable and profitable magazine brand in the UK. Immediate engages over 19 million passionate consumers each month, offering them world-class content and innovative new products and services, including e-commerce and TV shopping.
Immediate was established in 2011 following the merger of a number of media platforms, backed by Exponent Private Equity. Since then, the company has undergone five years of rapid growth driven by a focus on world-class content and a strategy of technology innovation. Already a magazine media leader through its range of specialist brands in the UK, Immediate has diversified into digital market places and e-commerce, including the UK’s leading digital wedding planning tool hitched.co.uk and TV shopping network JewelleryMaker.
Commenting on the sale, Oliver Bower, partner at Exponent, said: “Immediate Media has been transformed under Exponent’s ownership into the UK’s leading special interest content and platform business. We have worked hard alongside a hugely talented and dedicated management team led by Tom Bureau, investing in people and technology to drive substantial and sustainable growth in a traditionally challenging sector. We are pleased that, in Hubert Burda Media, Tom and the team have found a partner with aligned ambitions for the future of Immediate.”
Tom Bureau, CEO of Immediate Media Co comments: “Since we formed Immediate with Exponent in 2011, we have created a dynamic and thriving business. We have grown revenues and profitability substantially, through investing in world-class content, people and agile technology infrastructure. This has enabled us to take advantage of new business models, such as online market places and TV shopping, which has become a key pillar of our growth strategy.
I’m pleased that we have found a partner that shares our vision for growth and innovation. Burda is an exciting, global business and we are delighted to become part of their network of entrepreneurs.”