Future sells New York office for £1.9m

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The music-centred New York Music office of Future Publishing has been acquired by NewBay Media.

The division posted a loss of 3.8m in the year ending September 30th 2011. NewBay operates dozens of websites, magazines and events.

That leaves the media giant with just its games-focused San Francisco operation on the other side of the Atlantic, which itself will receive investment from funds raised from the sale.

"The sale represents a big step forward in our strategy to streamline our US business and return it to profitability by 2013," Future Publishing's chief executive Mark Wood stated.

"The merger of our mainstream US operations and our UK business is on track, and we are making good progress in reducing costs."