Future, the highly acquisitive Bath-based media group, has completed its takeover of four specialist consumer titles from rival Haymarket – but has decided not to buy its gadget review magazine Stuff.
Future said the move followed initial discussions with the Competition and Markets Authority (CMA). As a result, the £14m cost of the acquisition agreed when it announced in March, has been reduced to £13m.
The CMA did not launch a formal investigation into the deal although commentators have pointed out that Future already owns the technology magazine brands T3 and Techradar. Future had said Stuff would extend its commitment to the men’s lifestyle market at the time of the takeover.
However, adding the title, which describes itself as the “smartest, wittiest gadget reviews and buying guides, the latest tech news and analysis, and the best long-read features on the web”, to its portfolio could have led to plurality issues.
The four Haymarket titles joining Future are What Hi-Fi?, FourFourTwo, Practical Caravan and Practical Motorhome. Future said the four generated a combined revenue of £9.6m in the year to June 2017.
They were all respected titles, Future added, and would diversify its revenues, strengthen its position in audio visual and expanding it into new vertical markets, including sport and outdoor leisure.
Acquiring FourFourTwo puts Future into the football market during a World Cup year while What Hi-Fi? bolsters its existing brand leadership in consumer technology to lead in audio visual.
Haymarket describes FourFourTwo as the world’s smartest football media brand as well as the biggest. Published in 17 markets, it also has a digital portfolio that includes an iPad magazine app, a website offering advice on playing the game better and a global website.
Future has shuffled its portfolio of titles over recent years through a raft of acquisitions and disposals. A week after announcing it was to buy the Haymarket titles it snapped up US-based information and events business Newbay Media, the publisher behind Music Week magazine for $12.25m (£8.62m) in cash and $1.55m in shares.
Last year it took over Team Rock, which it bought for £800,000 and brought titles such as Classic Rock, Metal Hammer and Prog into its portfolio, along with Imagine Publishing for £14.2m, which added 18 periodical magazines and 300 bookazines across the knowledge, history, science, games, tech and creative vertical.
It also paid £32m for Centaur Media’s home interest division adding the three key brands of Homebuilding & Renovating, Period Living and Real Homes.
