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


Have your say...

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus
Media Week Jobs
Search for more media jobs

Latest

Rajar Q2 2014: Heart rebrand helps reach increase 20%

Rajar Q2 2014: Heart rebrand helps reach increase 20%

The expansion of the Heart brand reaped dividends for Global Radio in the second quarter as the network reached 9.07 million listeners a week, an increase of 20.4 per cent year on year.

Share
The Q2 Rajars show a high point for good old talk radio

The Q2 Rajars show a high point for good old talk radio

Today's Q2 Rajar results highlight several success stories for commercial and public radio, not least the popularity of talk radio, says Michael Williamson, head of radio, Amplifi at Carat.

Share
Richard Dunmall: 'It's a good day for the future of the radio industry'

Richard Dunmall: 'It's a good day for the future of the radio industry'

On the day Rajar results show that 36.8% of radio listening in the UK is now happening via a digital device, Bauer Media's group managing director of advertising, Richard Dunmall believes its time to celebrate.

Share

Get news by email