News

UBM

27 Jun 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.”