Reported today (27 June) on its own Audio Pro International website, Intent Media is set to acquire the UK entertainment and technology product portfolio of UBM plc.
The release names the price as ‘a total cash consideration of £2.4m’, and goes on to say:
The titles being acquired include Television Broadcast Europe, Music Week, Pro Sound News Europe and Installation Europe, plus additional websites, newsletters, conferences, show dailies and awards events. Last year this portfolio generated £5.4m of revenue.
Subject to completion of the consultation process and in accordance with the application of TUPE [Transfer of Undertakings (Protection of Employment) Regulations 2006], up to 36 staff will transfer. Intent Media is headquartered in Hertford, England but is opening an additional office in Islington Green, London, this summer.
Total staff count across the group will rise to around 90, with projected combined revenues of over £10m for the financial year ending 30 September 2012.
Acquired events include Live Broadcast Europe, IT Workflow, 3D Masters, The Music Week Awards and up to 20 dedicated newsletters.
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.
Earier this year UBM reported a 4.9 per cent year-on-year increase in revenue despite closing 13 print magazines in 2010.
Alongside UBM's last connection with the Pro Sound News title (following the closure of Pro Sound News Asia, and the sale of the original US Pro Sound News to NewBay Media in 2006), the announcement adds further to the considerations raised by Fast-and-Wide over the continuing role and operation of the pro audio press recently.
