Future plc, the global platform for specialist media, today announces it has completed the acquisition of NewBay for an initial net consideration of $13.8million.
NewBay is an information and events business based in New York and London. It has a substantial B2B portfolio operating in verticals including TV and Audio, Electronics and Education, publishing magazines such as Music Week, MCV and PCR. It’s business is mainly in the provision of conferences, magazines, events, digital content and data services. It also has a large consumer division in the Music vertical in the US, where it publishes magazines including Bass Player and Guitar World.
The deal expands Future’s reach into the US market and enhances its market leading position in music and consumer electronics. In addition, the acquisition brings B2B titles in the complementary verticals of audio visual, television broadcasting and educational technology, which will further increase Future’s revenue diversification model whilst also bringing B2B expertise to it’s existing titles.
The acquisition increases Future’s total owned brands to over 100 across print, events and online, with a total global reach of over 120m.
Zillah Byng-Thorne, CEO of Future, said:
“NewBay is clearly aligned with Future in its mission to create content that connects, with market leading titles.
“This acquisition supports our strategy of growth organically and through acquisition, global expansion and revenue diversification.
“We have a proven track record of acquisition and successful integration. This deal will be earnings enhancing and drive further organic growth in revenue and profitability in the first full year.”
Steve Palm, President & CEO of NewBay, said:
“The NewBay team’s expertise in engaging business decision makers, and providing solutions to sellers around the globe – through events, digital content, and marketing services – complements Future’s capabilities, creating a unique platform and exciting growth trajectory.
This combination will result in new and better opportunities for both NewBay and Future partners to expand reach and depth of customer interactions throughout the buyer’s journey. Delivering data-driven brand and product awareness, thought leadership and demand for our partners will only be enhanced.
I am proud of the many accomplishments made by the NewBay team over the last few years in the areas of events, marketing services and digital content, and I am equally excited to work alongside my new colleagues at Future to further grow our ability to delight our millions of users and thousands of partners.”
For more information, please refer to today’s RNS.