The new company, Eye to Eye Media, has been formed as part of a management buyout led by Seamus Geoghegan, the founder and managing director of Seven Publishing Group.
Delicious, launched in 2003, was previously published by Seven Squared, the customer publishing arm of Seven Publishing Group, and has a circulation of more than 100,000.
Eye to Eye Media will look to build up its portfolio, with a focus on cookery and puzzle titles.
Adrienne Moyce, publisher of Eye to Eye Media, said: "Eye to Eye aims to be a small but nimble operator, with a strong sense of integrity, underpinned by long-standing expertise in its chosen markets."
Advertising sales for Delicious magazine will be handled by BBC Worldwide.
According to Audit Bureau of Circulations, Delicious magazine registered a circulation of 101,039 in the period January to June this year.
During its first year of trading, Eye to Eye Media will be based at the Sea Containers House, headquarters of Seven Publishing.