Future Publishing has sold its loss-making US music magazines business to NewBay Media in a deal worth $3m (£1.9m). The titles included in the sale were Guitar World, Revolver and Guitar Aficionado.
NewBay, which is headquartered in New York and owned by private equity firm the Wicks Group, owns dozens of magazines, websites and several national events serving the music and broadcast industry.
NewBay has acquired Future’s assets, referred to by Future as its New York music division, which also includes a licence to operate the Golden Gods Awards show.
Future said that the division made a pre-tax loss of £3.8m and revenue of £8.5m in the year to 30 September 2011.
The company has acquired the business for an initial payment of $2.6m in cash on completion of the deal. This is followed by $150,000 in cash on 30 September, and $250,000 cash in the third quarter this year “based on the achievement of certain operational targets”.
For the company’s LinkedIn page click NewBay