Daily Mail owner acquires New Scientist magazine for £70m
The Daily Mail and General Trust (DMGT) has announced that its consumer media business has acquired New Scientist for £70m.
A consortium of individual investors led by Sir Bernard Gray are set to sell the world’s leading science magazine.
Lord Rothermere, charmain of DMGT, said: “New Scientist is a world-renowned publication loved by its readers, and we are both thrilled and proud to welcome it to the DMGT family.”
New Scientist has a weekly circulation of around 120,000, with just over half of readers UK-based.
The magazine also has a high-quality revenue base with about 75 per cent derived from subscriptions.
In 2020, the business is expected to generate cash operating income and operating profit of £7m and revenues are set to exceed £20m.
Paul Zwillenberg, CEO of DMGT, said the acquisition marks an exciting new addition to the group’s portfolio.
“It is a natural step in our consumer strategy to improve the quality of our revenues through building up subscriptions and digital capabilities,” he said.
“We are committed to supporting the talented team and their plans for the future and are confident that the business is well positioned for future growth.”