Future Network, the international consumer magazine publisher, has agreed to purchase Hachette Digital Presse (HDP), a subsidiary of Hachette Filipacchi Presse in France, for £3.5 million cash.
The division comprises three computer games magazines and
DVD Magazine. The computer games magazines to be acquired are
Official PlayStation 2 Magazine,
Joystick and
Joypad.
Turnover for the year ended 31 December 2002 generated by HDP was £8.2 million and the results for that year produced a pre-tax loss of £19,000. As at 31 December 2002 its net assets amounted to £22,000.
Commenting on the transaction, Greg Ingham, Future’s chief executive, said: “The proposed transaction is subject to regulatory approval. If successful, we will be pleased to have made this bolt-on acquisition in one of our core markets of computer games. We have admired these titles as competitors for many years; they will be a very welcome addition to our French portfolio.”
