Bath media group Future has bought two cycling titles back from rival publisher Immediate as it looks to expand its presence in the sport and leisure market.
The acquisition of Cycling News and Procycling Magazine comes five years after Future sold them along with most of its sports, craft and hobby magazines and websites – to Bristol and London-based Radio Times publisher Immediate for £24m to stave off a looming financial crisis.
At the time Future had slid into the red by £700,000 in its interim results and was embarking on a root-and-branch overhaul of the business.
Now, with its turnaround completed, Future is again expanding and hitting the acquisition trail to build its titles across several sectors.
CyclingNews.com is the leading cycling news website in the UK with monthly unique audiences of 1.7m, while Procycling is the market-leading magazine in the professional cycling arena. The two brands generated combined revenues of £2m in the past 12 months, Future said.
No financial details of the acquisition has been disclosed.
Future described the two titles as “respected brands with strong and engaged users”, which fit with its specialist media strategy.
It also said there were organic growth opportunities by leveraging and growing brands and content through its technology platform and eCommerce model.
Future CEO Zillah Byng-Thorne said: “Cycling News and Procycling are respected brands with leading market positions that will complement our existing portfolio whilst extending our reach into new adjacent communities.
“These brands are leading worldwide voices on professional cycling, offering analysis, insight, gorgeous photography and exclusive interviews with the industry greats.
“We have a proven methodology and track record of integration and we are confident that this deal will drive further growth in operating profitability and cash generation.
“These brands were originally published by Future before we sold them to Immediate in 2014. Buying them back is a special moment for us to honour a piece of our heritage and a fantastic opportunity to expand our portfolio into the world of cycling.
“The employees working on these brands will transfer to Future. UK employees will be based in our Bath office from March.”
Future’s titles span technology, games, music, home interest, hobbies and business-to-business (B2B) with brands such as TechRadar, PC Gamer, Guitar World, MusicRadar and the Homebuilding & Renovating Show.
The acquisition of the two Immediate titles is expected to close on February 28 following staff consultation.
Future this week also signed a new £90m multicurrency revolving credit facility with HSBC, Natwest and Bank of Ireland to replace its existing debt facilities, giving it an incremental uncommitted £45m to provide additional flexibility. The facility also has improved terms on the existing debt facilities.
