Publishing group, United Business Media, has sold its UK automotive titles to Newsquest Media Group, for a cash sum of £50.l2 million.
The move comes just three months after the company announced plans to sell
Exchange & Mart and
Auto Exchange, claiming the publications would be more valuable to other organisations and a sale would be in the best interest of UBM shareholders (see
UBM To Sell Automotive Magazines).
UBM said that it had reached a “definitive agreement” with Exchange Enterprises Ltd for the sale of the two publications.
Earlier this year, UBM sold its 35% share in Five to European broadcaster, RTL for £250 million, with the transaction scheduled to be finalised in autumn (see RTL Seizes Full Control Of Five).
In July, UBM reported half-yearly results ahead of expectations, predicting further growth in the second half of the year and standing optimistic in the face of a “tough market” for print titles. The company saw profits rise by just over 30% year on year to £81.3 million (see UBM Buys Extends Online And Events Reach).
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