UBM has sold its entertainment and technology portfolio to independent publisher Intent Media for £2.4m.
The deal, which should be completed within the next six weeks, will see up to 36 jobs transferred to Intent Media including 10 journalists.
The company said the acquisition will boost its projected turnover for the 2012 financial year to around £10m – effectively doubling the size of the company – and that the portfolio last year generated revenues of £5.4m.
Titles being sold to Intent Media – which currently owns titles such as Mobile Entertainment, Bikebiz and Musical Instrument Professional – include Television Business Europe, Music Week and Pro Sound News Europe.
The deal is subject to the conculsion of a TUPE consultation process. Intent Media is currently headquartered in Hertford but is opening an office in London on a August to accomodate the new staff.
Managing director Stuart Dinsey said: ‘This is a significant move for Intent, essentially doubling the size of the company.
‘We are heading into markets that fit our current landscape, whilst also continuing our policy of holding a leadership position wherever we operate.
‘The brands we are taking over are well established, with experienced staff and impressive heritage.”
UBM is selling the portfolio on behalf of its UBM Connect division.
UBM Connect chief executive officer Adrian Barrick said: ‘I am pleased we will pass stewardship of these well-established entertainment and technology titles to Intent Media, which focuses on serving specialist entertainment, technology and leisure markets.
‘On behalf of UBM, I would like to thank all those working on these products for their contribution and to wish them well for the future.”
Earier this year UBM reported a 4.9 per cent year-on- year increase in revenue despite closing 13 print magazines in 2010.
In March it sold its licensed titles – including The Publican magazine, website and awards event – for £1.5m, and its French medical newspaper and magazine business was acquired in a management buyout.
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