British publisher Future plc has acquired NewBay Media, the parent of Multichannel News, Broadcasting & Cable and several other music, entertainment and technology brands for an initial net consideration of $13.8 million.
According to regulatory documents, publicly traded Future (FUTR: London Stocks Exchange) paid $12.25 million in cash and $1.55 million in stock, "with a further potential deferred consideration of up to $5.6 million in January 2019, depending on the future performance of the acquired business."
Future plc, based in London, is an international media group and digital, online and print publisher that reaches more than 100 million users globally and includes more than 60 magazine titles including TechRadar and PC Gamer and events like The Golden Joystick Awards.
The purchase of NewBay, which also includes several music, technology and entertainment titles like Guitar Player, Bass Player, This Week in Consumer Electronics and Electronic Musician, expands Future’s reach to more than 100 online, print and digital brands and 120 million users worldwide.
“NewBay is clearly aligned with Future in its mission to create content that connects, with market leading titles,” said Future CEO Zillah Byng-Thorne in a statement. “This acquisition supports our strategy of growth organically and through acquisition, global expansion and revenue diversification. “We have a proven track record of acquisition and successful integration. This deal will be earnings enhancing and drive further organic growth in revenue and profitability in the first full year.”
NewBay purchased Multichannel News, Broadcasting & Cable and TWICE from Reed Business Information in 2009.
“The NewBay team’s expertise in engaging business decision makers, and providing solutions to sellers around the globe – through events, digital content, and marketing services – complements Future’s capabilities, creating a unique platform and exciting growth trajectory,” said NewBay president and CEO Steve Palm in a statement. “This combination will result in new and better opportunities for both NewBay and Future partners to expand reach and depth of customer interactions throughout the buyer’s journey. Delivering data-driven brand and product awareness, thought leadership and demand for our partners will only be enhanced.”