FUTURE Publishing yesterday announced plans to sell off part of its sport and craft magazines portfolio, which includes titles Mountain Biking UK and The Knitter, to raise up to £24m for the business.
The sale of the titles to Immediate Media is designed to streamline Future Publishing’s focus on consumer technology magazine markets.
“The disposal of the portfolio of Sport and Craft titles to Immediate Media for up to £24m is a key step in the new strategy to transform Future into a more simplified business, focussing on core verticals with an emphasis on the consumer technology market,” said Future Publishing’s chief executive Zillah Byng-Maddick.
“The disposal titles are well managed and successful parts of the business and they will thrive under their new ownership,” he added.
Future reported a £30.6m loss in the six months to 31 March, due to a £26m impairment charge on its print asserts, while its revenue fell 10.8 per cent to £48.7m.