The UK magazine publisher Future plc last week announced that it sold its auto magazines plus Triathlon Plus to Kelsey Publishing Limited. The sale was for only £2.1 million, plus deferred revenue, as well as up to £0.8 million in deferred consideration based on revenue performance.
Among the titles are Fast Car, Fast Ford, Classic Ford, Classics Monthly, Total Vauxhall and Mini Magazine – all apparently lightly performing titles as the total revenue generated was £5.0 million according to Future, with £0.3 million falling to the bottom line.
“The sale of this portfolio to Kelsey Publishing is another step in our strategy to focus the business on our core vertical markets,” Zillah Byng-Maddick, Future’s Chief Executive said in the company’s announcement.
Kelsey Publishing has numerous auto related titles already including MiniWorld, Classic Truck and Retro Cars, so it is possible that there could be some consolidation of titles.
Earlier this month, Future announced that it has completed the sale of its sports and craft titles to Immediate Media Company Bristol Limited.