27th Jun 2011 07:00
27 June 2011
UBM sells UK entertainment and technology business titles for £2.4m
UBM plc today announces that it has signed an agreement to sell its UK entertainment and technology product portfolio to Intent Media Ltd for a total cash consideration of £2.4m. UBM is selling the portfolio on behalf of its UBM Connect division. The transaction is expected to complete in the next six weeks, subject to the conclusion of a TUPE consultation process.
The portfolio - which comprises Pro Sound News Europe, TVB Europe, Installation Europe and Music Week print magazine titles and related websites and events - augments Intent Media's existing product set for the UK entertainment and technology markets. In 2010 the portfolio generated £5.4m of revenue and achieved a double digit contribution margin.
Subject to completion of the consultation process and in accordance with the application of TUPE, up to 36 staff will transfer to Intent Media.
Adrian Barrick, CEO of UBM Connect said:
"I am pleased we will pass stewardship of these well-established entertainment and technology titles to Intent Media, which focuses on serving specialist entertainment, technology and leisure markets. On behalf of UBM, I would like to thank all those working on these products for their contribution and to wish them well for the future."
- 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 Kate Postans Head of Investor Relations Email [email protected] Direct telephone +44 20 7921 5095 Notes to Editors1. UBM plc
UBM 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 provide them 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 traders, from farmers to pharmacists around the world. Our 6,000 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.ubm.com
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