1st Jun 2012 12:00
1 June, 2012 Daily Mail and General Trust plc (`DMGT') Merger of Digital Property Group with Zoopla
A&N Media, the consumer media division of DMGT announces the completion of the merger between the Digital Property Group and Zoopla. This follows clearance by the Office of Fair Trading on 16 April. The merger will bring together a complementary set of brands including Findaproperty.com, Zoopla.co.uk and Primelocation.com and will result in the creation of a world-class property search platform and a team that continues to lead innovation in the online property market.
DMGT now owns 55% of the merged entity (with the remaining 45% held by Zoopla's former shareholders). The new entity will be accounted for by DMGT as an associate with DMGT's share of its profits included within the Joint Ventures & Associates line in the Income Statement for the DMGT Group. Its revenues will not be reported within those of the DMGT Group.
On a pro forma basis this transaction means that the aggregate annual digital consumer revenues of A&N Media from MailOnline, Metro.co.uk, Evenbase/Jobsite/ Jobrapido, Digital Property Group /Zoopla and Wowcher are now approaching £200 million.
Alex Chesterman, Founder & CEO of Zoopla, and the newly appointed CEO of the merged business, said, "The merger of these businesses is a huge step towards our goal of becoming the UK's most useful online resource for property consumers and most effective online marketing partner for property advertisers. We still have much work to do to integrate the businesses over the coming months, but the result will be significantly enhanced experience for users and significantly enhanced value for advertisers."
David Dutton, Chairman of Digital Property Group, and the newly appointed Chairman of the merged business, said, "This is an exciting day. Our combined businesses have the scale and the resources to transform the online property sector for the benefit of consumers and advertisers alike. We are committed to providing the most innovative products and the most cost-effective advertising propositions, which will give our consumers and property advertisers a genuine powerful alternative in our market place."
Investor/ analyst enquiries:
Stephen Daintith, Finance Director, DMGT +44 20 3615 2902
Media enquiries:
Kim Fletcher / Will Carnwath, Brunswick Group LLP +44 20 7404 5959
Daily Mail and General Trust plc Northcliffe House, 2 Derry Street, London, W8 5TT Tel 020 7938 6000 Fax 020 7938 4626 www.dmgt.co.uk Registered in England and Wales No. 184594 Not for public release until 12.00pm on 1st June, 2012
PINXRelated Shares:
DMGT.L