6th Mar 2006 07:01
Future PLC06 March 2006 6 March 2006 Future plc Acquisition of US music magazine for £2.3m Future plc ('Future'), the international special-interest media group, today announces that Future US has acquired the title and goodwill of US heavy metal music magazine Revolver and its related website (www.revolvermag.com), from Harris Publications for a cash consideration of £2.3m (US$4.0m). The acquisition will be financed from the Group's existing bank facilities. Launched in 2000, Revolver is today the leading US heavy metal music magazine,with 2005 turnover of US$3.7m, generating gross profits of US$0.5m. The magazineand website team will join Future US' New York office on completion. Future anticipates in 2007 a post-tax return on this investment in excess of theGroup's weighted average cost of capital. Commenting on the acquisition, Greg Ingham, Future's Chief Executive said: "Revolver is a natural fit with our US music titles and will benefit from beingpart of a larger music portfolio. In fact it is something of a homecoming forRevolver, which was launched under the management of Brad Tolinski, who joinedFuture in 2003 when we acquired Guitar World, also from Harris. There is alsostrong editorial crossover with our UK music titles Metal Hammer and ClassicRock, both of which are seeing good circulation growth at present." Enquiries: Future plc Greg Ingham, Chief Executive Tel: 01225 442244 John Bowman, Finance Director Tel: 01225 732281 Hogarth Partnership James Longfield/Georgina Briscoe Tel: 020 7357 9477 About Future Future plc is an international special-interest media group with offices in theUK, US, France and Italy. Founded in 1985 with one UK magazine, today it createsover 150 special-interest publications, websites and events with strongportfolios in the computing, games, music, automotive, sports, crafts andleisure sectors. Future employs over 1,500 people worldwide. It is the 11thlargest US magazine publisher at newsstand by retail sales value. 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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