SELLING IT ON: Future is acquiring the newly formed TI Media group, the private-equity owned bundle of titles formerly property of Time Inc. U.K., for 140 million pounds.
Titles that will move to Future include Wallpaper, Country Life, Decanter and U.K. Marie Claire.
Future said the acquisition will expand its portfolio to more than 220 global brands by adding three new verticals: Lifestyle, Women’s Interest and Sport.
“This acquisition provides an outstanding opportunity to accelerate Future’s strategy and to bolster its growth levers,” said Zillah Byng-Thorne, chief executive officer of Future.
“We are confident that the acquisition will be materially earnings-enhancing in the first year, driving further growth in profitability and cash generation whilst significantly enhancing our scale and reach,” she added.
Future said that the acquisition will allow them to enter new markets, as well as scaling in the U.K. through new media revenue streams, such as video on-demand and events.
To integrate smoothly, the current chief financial officer of TI Media, Rachel Addison, will join Future as the chief financial officer of the group.
“The largely U.K. focused, print-led nature of TI Media portfolio offers a multiplicity of opportunities to leverage our proprietary technology stack and operating model to develop new digital monetization models and geographic expansion,” said Byng-Thorne.
TI Media was a short-lived entity, having been dreamed up by private equity owners Epiris last year after they purchased the titles from Meredith Corp.
Soon after the purchase, Epiris changed the name to TI Media, created a logo and promptly set about slashing costs and shutting magazines: Notably, it axed the U.K. edition of InStyle and the print edition of Marie Claire after more than three decades. Marie Claire is now a digital-only publication.