A German media company has announced a deal to buy Radio Times and more than 70 other magazines.
Munich-based Hubert Burda Media is understood to have acquired Immediate Media from its private equity owner Exponent and Management for £270m.
Announcing the deal this morning, Burda noted that Immediate has more than 19m consumers each month, and described Radio Times as the UK’s most profitable media brand.
Burda is a technology and media company with more than 540 brands across the world.
In Germany, it has titles in the news, fashion, gardening, lifestyle, food and entertainment sectors.
In the UK, Burda already publishes magazines including YourHome and Wedding, and recently led a funding round for Notonthehighstreet.com.
Immediate was established in 2011 following a merger of different media platforms, which was backed by Exponent Private Equity.
“Immediate Media is a great platform for print as well as digital consumer businesses in the UK,” said Burda chief executive Paul-Bernhard Kallen.
“The successful management team brings strength and depth across publishing, technology and e-commerce and has built a growing, profitable company with a large and loyal customer base.
“We believe Burda and Immediate Media match perfectly – with regards to the business segments as well as to the entrepreneurial mindset of both companies.”
Tom Bureau, chief executive of Immediate Media, added: “Since we formed Immediate with Exponent in 2011, we have created a dynamic, thriving business. We have grown revenues and profitability substantially, and have invested in people, technology and business models.
“The business is primed for further growth, and I am happy that we have found a partner that shares our vision for growth and innovation. Burda is an exciting, global business and we are happy to become part of their network of entrepreneurs.”