Future PLC Imagine Publishing Acquisition Update (3695M)
October 12 2016 - 6:02AM
UK Regulatory
TIDMFUTR
RNS Number : 3695M
Future PLC
12 October 2016
12 October 2016
Future plc
Imagine Publishing acquisition update - CMA consents to
closing
Future plc (LSE: FUTR, "the Group", "Future"), the international
media group and leading digital business, has been informed that
the CMA has no objection to Future completing the acquisition of
Imagine Publishing Limited.
The proposed acquisition of Miura (Holdings) Ltd, the holding
company and ultimate parent company of Imagine Publishing Limited
("Imagine Publishing") was announced on 23 June 2016, with the
completion of the deal conditional upon CMA clearance. On 7 October
2016, the CMA stated that it had found competition issues only in
relation to the acquisition of one sci-fi title (Sci-Fi Now).
Future has agreed with the CMA to ring-fence Sci-Fi Now pending
resolution of this issue.
Completion is targeted to take place on 21 October 2016,
following publication of a prospectus and admission of the new
ordinary shares (which are to be issued as consideration for the
acquisition) to trading. The Group expects to provide an update on
this process shortly.
Zillah Byng-Thorne, Chief Executive, said:
"The acquisition of Imagine, which will complement and expand
our capabilities, is a further substantial step towards our
strategy of creating content that connects, increasing scale and
improving operational efficiency.
"We are very pleased to have reached an agreement with the CMA
so quickly. The financial and operational implications of selling
one title are minimal.
"Last year Imagine issued 265 magazines and 257 bookazines as
well as delivered 2.4 million and 1.0 million copy sales
respectively. We look forward to completing the acquisition and
integrating the Imagine Publishing portfolio into the business over
the next few months."
Enquiries:
Future plc 01225 442244
Zillah Byng-Thorne, Chief Executive Officer
Penny Ladkin-Brand, Chief Financial Officer
Instinctif Partners 020 7457 2020
Adrian Duffield/Lauren Foster
This information is provided by RNS
The company news service from the London Stock Exchange
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