16th Jun 2005 16:49
Future PLC16 June 2005 16 June 2005 FUTURE PLC Acquisition of 38 magazines and related businesses from Highbury Future plc ("Future"), the international special interest consumer magazinegroup, notes today's announcement by Highbury House Communications plc thatHighbury shareholders have approved the resolution relating to the proposed saleof 38 magazine titles and related businesses to Future at today's EGM. This wasthe last outstanding condition relating to the transaction and accordingly thetransaction should be completed next Tuesday, 21 June 2005. The titles being acquired (list attached) include Fast Car, Fast Bikes, DJ, DVDReview, the What Video group of magazines and Highbury's puzzle magazines.Additionally, the deal includes Highbury's US business which publishes fivemagazines. Highbury management accounts for the year ended 31 December 2004 showthat: (a) the assets being acquired generated unaudited aggregated turnover ofapproximately £34.1 million; (b) the unaudited aggregated profit (beforeinterest, taxation and amortisation) attributable to these assets wasapproximately £5.3 million; and (c) the unaudited aggregated net assets relatingto the transaction were estimated at £20.1 million of which approximately £18.4million related to intangible publishing rights. None of the titles being acquired is a games title. As a result of this deal,the estimated split of the Group's revenues is likely to become Games 38%;Entertainment 34%; and Computing 28%. Commenting on the acquisition, Greg Ingham, Future's Chief Executive, said: "We're really pleased that Highbury's shareholders have approved Future'sacquisition of these magazines. They'll be fine additions to our burgeoningportfolio and we're looking forward to welcoming the people working on them toFuture next week. "We celebrate our 20th anniversary this month and are confident that ourbusiness is in good shape. These are exciting times for Future." Enquiries: Future plc Greg Ingham, Chief Executive Tel: 01225 442244John Bowman, Finance Director Hogarth PartnershipJames Longfield/Georgina Briscoe Tel: 020 7357 9477 Notes for Editors/ UK titles being acquired by Future: ArrowsClassicsCrosswordDigital VideoDJ MonthlyDVD ReviewFast BikesFast Car (including The Guide)First on VideoHealth and FitnessHome Cinema ChoiceHome Entertainment WeekJumbo CrossJumbo Cross CollectionLogical ChallengeLogical Challenge CollectionPixel ITPregnancyPro Cycling(Puzzle) CodewordsPuzzle MonthlyPuzzle Monthly CollectionSpinTea Break QuickieTea Break Quickie CollectionTimecodeTotal MobileWhat Digital CamcorderWhat Home CinemaWhat PlasmaWhat Satellite and Digital TVWhat Video and Widescreen EntertainmentWord FitWordspy US titles being acquired by Future: Do!Decorating SpacesMen's EdgePregnancyWomen's Health & Fitness About Future Future plc was founded in the UK in 1985. Today, it publishes over 100special-interest consumer magazines worldwide with strong portfolios in thecomputing, games, music, sports, motoring, crafts and leisure sectors. Futureemploys 1,200 people in offices in the UK, US, France and Italy. Over 100international editions of Future's magazines are also published under licence in30 other countries across the world. The company is listed on the London StockExchange (symbol FUTR). This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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