Business-to-business media company Ascential has announced the sale of 11 more magazines today.
The FTSE 250-listed publisher has sold titles including fashion magazine Drapers, Nursing Times, Local Government Chronicle and Construction News to Metropolis International.
Metropolis, which already owns Property Week, Packaging News, Laboratory News and UK Boarding Schools Guide, is paying £23.5m for the titles.
The 11 titles generated revenue of £32.1m in 2016, down from £34.6m in 2015, and earnings before interest, taxation, depreciation and amortisation (Ebitda) of £6.9m, down from £8m.
Ascential, formerly known as Emap, separated 13 “heritage brands” into a new operating entity as it sought to sell the magazines.
The company, which owns the Cannes Lions Festival, agreed a £19m deal to sell Health Service Journal to publisher Wilmington later that month, and now has only one, non-UK, title left to sell: Middle Eastern Economic Digest (Meed).
The other titles sold to Metropolis are: New Civil Engineer, Ground Engineering, H&V News/ RAC, Retail Jeweller, Materials Recycling World and architecture titles including Architects’ Journal, The Architectural Review and its associated World Architecture Festival.
Ascential chief executive Duncan Painter said: “Ascential’s strategy is to focus on its top performing brands to drive sustainable organic growth. This sale concludes the process to secure the future of the UK heritage brands.”