United sells motoring titles to Newsquest for £50m
LONDON - United Business Media has sold its automotive titles, including Exchange & Mart, to regional newspaper firm Newsquest for £50.25m in cash.
The sale, which also includes Auto Exchange, largely completes the programme of significant disposals made by United, which also sold of its NOP market research business earlier this year and its stake in Five.
United began an auction for the sale of the classified titles Exchange & Mart and Auto Exchange in July with a bidding war that had been tipped to bring in as much as £100m.
United has been offloading assets to focus on investment in business-to-business magazines, which include Information Week, Property Week and Pulse. UBM said the proceeds will be used for reinvestment.
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