Financial Times Business, part of the Financial Times Group, has sold its newsletters and management reports businesses to Informa plc. In September, the FT Group announced FT Business was selling these titles to concentrate on financial magazines and energy information.
Financial Times Business will focus on investing in its core businesses which include market-leading titles such as Financial Adviser, Investors Chronicle and The Banker. These products have a clear relation to the FT brand, they will be developed and expanded. FTB's leading position in Energy information has been boosted by recent acquisitions in the US and there are plans for further growth and development.
The publications have been sold for a consideration of £13.5m, consisting of a cash sum of £9.9m and assumed liabilities for pre-paid subscriptions totaling £3.6m. They feature media, telecoms, retail and consumer, automotive, pharmaceuticals and financial sectors. Approximately 100 staff will be transferring to Informa. There are no redundancies as a result of the sale. The range of products includes 60 newsletters, seven magazines, 600 management reports and 24 directories across all sectors. Key titles include World Insurance Report, Television Business International, Automotive World, Telecom Markets and Pharmaceutical Business News.
Stephen Hill, Chief Executive of the FT Group, said: "The disposals are part of a strategic plan to grow businesses in which we have a market lead. The wide range of markets and product lines represented by the newsletter and management reports part of the group was clearly at odds with our ambition to develop businesses of significant scale and market presence."
In addition to FT Business the Financial Times Group consists of:
The Financial Times, Les Echos, France's leading business newspaper and Expansion, Spain's leading business newspaper;
ft.com, one of the world's premier international business information websites;
FT Asset Management, a leading source of specialist pricing, dividend, corporate action and asset management information to institutional investors - Pearson announced on 15 November plans to merge this business with Data Broadcasting Corporation, Pearson will hold a 60% stake in the new company;
FTSE International, a joint venture with the London Stock Exchange, which provides the professional investment community with the leading UK indices and, together with the Amsterdam Stock Exchange, publishes the Eurotop family of indices; AFX news, a news agency jointly owned with Agence France-Presse, which is a global provider of real-time financial and business news;
A 50% stake in BDFM, publisher of South Africa's leading financial newspapers and website;
A 50% stake in The Economist group, which publishes the world's leading weekly business and current affairs journal.
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