Future sells French arm

by Isabella Piasecka, Media Week 01-Oct-07, 15:30

LONDON - Future has disposed of its French operation, Future France, as it continues with its strategy to invest only in English language content and to reduce debt.

The global publishing house has sold Future France to WM7 for €18m, of which €13.2m is payable in cash and up to €4.8m payable in 2010 based on certain revenue targets.

Future will continue to license seven of its titles to Future France.

Future France publishes 18 monthly magazines and employs 171 staff. For the year ended 30 September 2006, it reported revenue of €35.6m, EBITAE of €1.7m and a pre-tax loss of €0.6m.

WM7 is jointly owned by Paris-based financial institution LMBO and part of the Future France management team, including managing director Saghi Zaimi and finance director Jane Wray.