Guardian Media Group has become the largest single shareholder in the consumer magazine company Seven Publishing, acquiring a 27% stake.
The acquisition comes as Seven plans to launch a new title and inject £4 million to expand existing title
Delicious, which was launched three months ago.
Delicious was launched in the UK after becoming leader in its home market of Australia. It was launched with support from a host of celebrity chefs including Jamie Oliver and Gordon Ramsay and was voted Magazine of the Year in 2003.
Seven Publishing was set up in June last year by a high profile media team. Managing director, Seamus Geoghegan, is a former director of BBC Worldwide and chairman Michael Potter has already achieved success as the founder and chief executive of Redwood Publishing.
Geoghegan told the Guardian: “For a company like Seven to have a trade investor like GMG is a fantastic shot in the arm.”
Last year GMG paid £593 million to take full control of Trader Media Group, publisher of classified car advertiser Auto Trader (see GMG Buys Up AutoTrader Publisher).
