Trinity Mirror sells Digital Property brands for £3.3m
Trinity Mirror has offloaded its Trinity Mirror Digital Property division, home to SmartNewHomes.co.uk, Email4Property.co.uk, HomesOverseas.co.uk and Zoomf.com to Zoopla for £3.3 million.
Zoopla: acquires Trinity Mirror's Digital Property brands for £3.3 million
The sale comes despite the group's new strategy for growing its digital revenues. TMDP, a stand-alone subsidiary of Trinity Mirror, had revenues of £2.9 million and made an operating profit of £0.5 million for the 52 weeks ended 30 December 2012.
The assets of the Digital Property Group are not considered core to Trinity Mirror’s new direction, which is not centred around its One Trinity Mirror proposition – which aims to harness regional and national content from across the group.
Trinity Mirror has pledged £8m-worth of digital investments in 2013, following a "difficult" trading year in which advertising revenues fell 10.4% and circulation revenues tumbled 7.9%.
Chief executive Simon Fox announced plans to spend £5m in "accelerating our digital publishing capabilities" to offset declines in print, with new digital businesses being developed to build "distinctive content and audience."The company is also exploring "selective small-scale acquisitions or partnership opportunities" and is said to have clear parameters around the criteria for assessing future investments.
Trinity Mirror has invested £3m in new digital systems across the publishing group, to better reach audiences through new technologies and platforms.Follow @DurraniMix
This article was first published on mediaweek.co.uk
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