This follows a Competition and Markets Authority (CMA) review of Immediate’s acquisition of a number of cycling and craft brands from Future. The CMA announced its findings in October and identified concerns related to the acquired Needlecraft (Cross Stitcher and Cross Stitch Collection) and Genealogy (Your Family Tree) brands because of existing brands in the Immediate portfolio in the same markets.
To address these concerns Immediate proposed undertakings to the CMA to sell the brands. The CMA considers that they have reasonable grounds for believing that the undertakings offered by Immediate, or a modified version of it, might be accepted by the CMA. The CMA will be consulting on the proposed undertakings in the near future. Immediate is today announcing the sale to Dennis, subject to CMA approval of the agreed transaction with Dennis.
Immediate Media CEO, Tom Bureau said: “I am pleased that we have found what we think is an effective way to remedy the CMA’s concerns while safeguarding the best interests of these brands. Cross Stitcher, Cross Stitch Collection and Your Family Tree are great brands created by talented people. Dennis are an ideal home for them and – subject to CMA agreement – I think this provides a great resolution to the situation.”
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Sir Martin Sorrell, played an instrumental role in the “dash for digital” that saw a rebalancing away from newspapers and magazines, even though in recent years he suggested that the power of print had been underestimated. With his resignation, “we'll [now] never know the extent to which he was prepared to translate this into a change in spending priorities.”15th Apr 2018 Industry News
Summit Media in the Philippines announced the closure of its six remaining print titles as it “completes its full digital transformation”. The company has around 20 million unique users monthly visiting its 15 websites with a further 33 million followers on social media platforms, making it “the Philippines leading digital lifestyle network and one of the top two local digital media companies in the country”.12th Apr 2018 Industry News
Hitting newsstands today, Seventeen magazine released a special issue commemorating the March for Our Lives. This comes off the heels of Seventeen chartering a bus to bring 30 teenage activists to Washington DC for the march.5th Apr 2018 Industry News
Findings from the latest Digital Publishers Revenue Index (DPRI), a quarterly report on UK publishing from the Association for Online Publishing (AOP) and Deloitte, reveals publishers experienced a 5.6 per cent growth in total digital revenue in 2017 compared to 2016, rising to GBP£365.5m (USD$512.5m). The increase was fuelled by a 27 per cent annual revenue increase from display advertising.5th Apr 2018 Industry News
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