30th Apr 2007 07:04
United Business Media acquires Physicians Practice, LLC Adds leading subscription business to complement CMPMedica's offer for U.S. physicians.
United Business Media Plc today announces that it has acquired Physicians Practice, LLC from Med-IQ, LLC for an initial cash consideration of $17.5m, with a further performance-dependent consideration of up to $0.5m.
Headquartered in Baltimore, MD, Physicians Practice LLC is a healthcare media company. Its principal product is Physicians Practice, a leading practice management publication that supports physicians with business, financial and legal expertise to assist them manage their practices more efficiently. Physicians Practice reaches more than 275,000 office-based physicians and is supported by more than 60 hospital sponsors. The journal was recently named the 2006 Publication of the Year by the American Society of Healthcare Professionals. In addition, the business also runs Continuing Medical Education programs, newsletters and e-newsletters, audio-conferences and custom publishing, as well as the online complement to Physicians Practice, www.PhysiciansPractice.com. The site hosts a virtual community for physicians and their staff, focusing on business aspects of practice management, as well as providing advice, archived articles, forms, tools, calculators and other features.
Physicians Practice LLC will be integrated into CMPMedica's marketing services operations in the United States. Ken Karpay, Publisher of Physicians Practice, will remain in his role. Physicians Practice LLC's revenues for calendar year 2006 were $10.1m. The acquisition is anticipated to meet UBM's 8% post-tax cost of capital criterion for acquisitions in its first full year of ownership.
Henry Elkington, chief executive officer of CMPMedica said:
"CMPMedica focuses on serving specific professional healthcare communities, one of which is primary care physicians. We aim to offer as comprehensive a set of media products and services as possible to each of our chosen communities. Physicians Practice has a terrific set of products to help physicians manage the business side of their practices. Physicians Practice has established itself as the leading practice management brand for US primary care physicians. This acquisition will help us deepen our relationship with the primary care community by bringing products that complement our existing portfolio which includes Consultant magazine, www.consultantlive.com and www.searchmedica.com. The acquisition also brings us new relationships with hospital sponsors and product and service vendors."
- Ends - ContactsMedia Peter Bancroft Director of Communications E-mail [email protected] Direct telephone +44 20 7921 5961 Chris Barrie Citigate Dewe Rogerson E-mail [email protected] Direct telephone +44 20 7282 2943 Mobile +44 796 872 72 89 Analysts/Investors Email [email protected] Direct telephone +44 20 7921 5095 Nigel Wilson +44 20 7921 5019 Andrew Crow +44 20 7921 5940 Notes to Editors
About United Business Media Plc
United Business Media Plc is a leading global business media company. We inform markets and bring the world's buyers and sellers together at events, online, in print, and with the information they need to do business successfully. We focus on serving professional commercial communities, from doctors to game developers, from journalists to jewellery dealers, from farmers to pharmacists around the world. Our 5,000 staff in more than 30 countries are organised into specialist teams that serve these communities, helping them to do business and their markets to work effectively and efficiently.
For more information, go to www.unitedbusinessmedia.com.
About CMPMedica
CMPMedica provides information and education to healthcare professionals and patients around the world. It has a unique portfolio of professional media products including newspapers, magazines, drug directories, electronic databases, websites and events.
For more information, go to www.cmpmedica.com.
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