The Competition and Markets Authority and the next Future Plc shareholder meeting are the only two things standing in the way of the company’s plans to become the UK’s biggest magazine publisher in early 2020.
Earlier this week Future announced its intention to acquire TI Media, owners of Wallpaper, Marie Claire, TV Times and Decanter Magazine for £140m. Future has a successful portfolio of events including The Photography Show and the move could create new event opportunities as well as strengthening their existing events.
Zillah Byng-Thorne, CEO of Future, said:“TI Media’s long-established market-leading brands, industry events and quality content are an exceptional fit with our business and our strategy. TI Media will substantially expand our presence in existing verticals and bring a number of new content verticals that will significantly enhance the Future portfolio.
“In addition, the largely UK-focused, print-led nature of the TI Media portfolio offers a multiplicity of opportunities to leverage our proprietary technology stack and operating model to develop new audiences and geographic expansion.
“This deal marks the latest move in our strategy to expand our global reach through organic growth, acquisitions and strategic partnerships. We look forward to working closely with the TI Media team as we continue to expand our loyal communities and give them a place they want to spend their time and where they go to meet their needs.”
Future intends to part-fund the acquisition selling an additional 8,184,906 shares. The move extends Future’s strength in Home, Cycling, Consumer Technology and Country Sports sectors. If the deal goes ahead, TI Media’s CFO Rachel Addison will join Future as CFO as part and Future’s CFO Penny Ladkin-Brand will become the new CSO.