Bauer sells £13m businesses for £1.50
FHM publisher Bauer Consumer Media has sold two businesses, acquired at a combined value of £12.9m, for £1.50.
FHM: owner Bauer offloads two business ventures for £1.50
The company's latest accounts, filed at Companies House, reveal that in 2009 Bauer, shed the Yospace Technologies mobile blogging business, which it bought in 2007, and a 40% stake in NextGen Publishing in 2008. They were sold for £1 and 50p respectively.
Bauer, formerly known as Emap before it was taken over by German company H Bauer in 2007, acquired Yospace Technologies for £8.9m and the NextGen Publishing share for £4m.
The publisher said that after "a thorough consideration", it had decided to offload Yospace Technologies Limited, "as the emerging trends within the mobile market landscape resulted in less of a strategic fit for the business within Bauer's broader product portfolio." Bauer sold the business in April 2009.
In 2008, Bauer bought a 40% share in NextGen publishing, the company that launched FHM India in 2007. In June this year, FHM India's licence was bought by New Delhi-based publisher, MaXposure Media.
Bauer showed a pre-tax profit of £51.9m for the year ending 31 December 2009. The publisher's 2008 results began from the second quarter, after its private takeover months. For the nine months ending 31 December 2008 Bauer recorded pre-tax profits of £36m.
The publisher, which also publishes Heat and Grazia magazines, reported operating profits during 2009 to 31 December of £53.5m.
Bauer said: "Revenue in the period reflected the general decline in magazine advertising revenue during the UK recession, particularly during the first half, with men's and automative markets most effected.
"The company benefited from the full-year impact of cost-saving initiatives started during the third quarter of 2008."
This article was first published on mediaweek.co.uk
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