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.”
Stuart Dinsey, MD of Intent Media said: "This is a significant move for Intent, essentially doubling the size of the company. We are heading into markets that fit our current landscape, whilst also continuing our policy of holding a leadership position wherever we operate. The brands we are taking over are well established, with experienced staff and impressive heritage."
"Intent has become the UK's leading business media player in entertainment and technology. We are very excited to have added these new brands. Our policy of investment in online and events will continue, whilst ensuring longevity where possible for the core print titles."
