Future sells three audio visual titles to MyHobbyStore

Future Publishing has sold its audio visual titles, Hi-Fi Choice, What Satellite & Digital TV and Home Cinema Choice, to specialist publisher MyHobbyStore.

Future: sells three titles to specialist publisher MyHobbyStore
Future: sells three titles to specialist publisher MyHobbyStore

MyHobbyStore owns the three brands with immediate effect, with a short transitional period before relocation, in order to avoid interruption to publishing schedules.

The three titles join a portfolio of specialist hobby and craft magazines, which includes RCM&E, Model Engineer, Model Boats and Popular Patchwork.

Owen Davies, chief executive of MyHobbyStore, said the magazines would help create "a strong group of titles with shared values in the specialist consumer electronics sector".

He added: "We have exciting plans to develop this new group both in print and in the digital space, and we are delighted to welcome the new staff to our business."

Earlier this year, Future Publishing reported a 45% fall in pre-tax profits in the six months to the end of March.

Future warned that the market remained challenging, with revenues falling by 4% year on year to £68m, after circulation revenue fell 7% to £40m and ad revenues fell 4% to £20.4m.

The publisher has also announced that a number of its global publications will close over the next 12 to 15 months, paving the way for redundancies and the loss of 10% of its UK workforce. The company has set aside £4.9m for its job cuts and unused property.

The company has found reasons for optimism in its digital activities, which turned a profit for the first time in the six months to March, driven by a digital ad revenue increase of 44% in the UK.

Follow Arif Durrani on Twitter: @DurraniMix


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