Independent business media specialist and MCV publisher Intent Media has agreed to acquire the UK entertainment and technology product portfolio of UBM plc for a total cash consideration of 2.4m.
Intent specialises in entertainment, technology and leisure markets. Its portfolio already consists of over a dozen market leading online, print and event brands across video games, music, computing, mobile, toys, licensing and cycling.
The titles being acquired include Television Broadcast Europe, Music Week, Pro Sound News Europe and Installation Europe, plus additional websites, newsletters, conferences, show dailies and awards events. Last year this portfolio generated 5.4m of revenue.
Subject to completion of the consultation process and in accordance with the application of TUPE, up to 36 staff will transfer. Intent Media is headquartered in Hertford, England but is opening an additional office in Islington Green, London, this summer.
Total staff count across the group will rise to around 90, with projected combined revenues of over 10 million for the financial year ending September 30th 2012.
Acquired events include Live Broadcast Europe, IT Workflow, 3D Masters, The Music Week Awards and up to 20 dedicated newsletters.
"This is a significant move for Intent, essentially doubling the size of the company. We are heading into markets that fit our current landscape, whilst also continuing our policy of holding a leadership position wherever we operate. The brands we are taking over are well established, with experienced staff and impressive heritage," said Intent Media managing director Stuart Dinsey.
"Intent has become the UK’s leading business media player in entertainment and technology. We are very excited to have added these new brands. Our policy of investment in online and events will continue, whilst ensuring longevity where possible for the core print titles."
UBM is selling the portfolio on behalf of its UBM Connect division. The transaction is expected to complete in the next six weeks, subject to the conclusion of a TUPE consultation process.
"I am pleased we will pass stewardship of these well-established entertainment and technology titles to Intent Media, which focuses on serving specialist entertainment, technology and leisure markets," said UBM Connect CEO Adrian Barrick.
"On behalf of UBM, I would like to thank all those working on these products for their contribution and to wish them well for the future."
Existing core Intent Media brands include MCV: The Market for Computer & Video Games, Develop, ToyNews, Mobile Entertainment, Bikebiz, PCR, Musical Instrument Professional, Audio Professional International and Licensing.biz.
Events run by Intent include The London Games Conference, MI Retail Conference & Expo, Monetising Mobile Conference and sundry trade awards.