The UK’s largest magazine publisher, IPC, is believed to be in negotiations for a trade sale of the group. Possible bidders include Telewest and German group Bertelsmann, and the sale price has been placed at up to £1.5 billion.
The group, which publishes titles including Loaded and Marie Claire, issued a statement in response to press reports that it was set for a trade sale. It said that at present it was making no comment on the recent speculation.
IPC had been planning a flotation for 2001 and appointed a new chief executive, Sly Bailey, to oversee the move (see Matthew Retires As Chief Executive Of IPC Ahead Of Floatation). It is believed, however, that the group’s performance in recent months has led to a rethink of this option, with pre-tax profits for 1999 falling to £2.8 million (see IPC Prepares For Flotation), and circulation figures falling across major titles (see Feature: Staff Departures At IPC Music & Sport Follow Falling Circulations). The group’s backers, Cinven, has put the group up for sale, according to press reports, and is considering up to six bids, which include Telewest, Bertelsmann and French publisher Hachette.
A deal with Telewest would combine the content of some of the UK’s most famous magazines with a cable television infrastructure. It would further strengthen the Telewest’s increasing powerful role, augmented by its purchase of Flextech last month (see Newsline). The group was making no comment today about a possible takeover.
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