Immediate Media Co combines the newly-acquired magazine business from BBC Worldwide with Origin Publishing and Magicalia, Exponent’s existing digital platform and media company.
The announcement follows regulatory clearance from the Office of Fair Trading of Exponent’s acquisition of BBC magazine titles, including Radio Times.
With an exciting mix of market-leading brands, great talent and technology expertise, Immediate Media Co combines a strong publishing heritage with digital platforms and entrepreneurial flair. Immediate Media Co becomes fully operational on 1 November 2011 and will be led by a highly experienced management team.
Stephen Alexander has been appointed as Chairman, bringing 25 years of senior management experience across the consumer, hospitality and media sectors. Tom Bureau (pictured), currently Chief Executive of Magicalia, has been appointed Chief Executive of Immediate Media Co. Tom has a proven track record in the successful leadership of cross-media and online publishing businesses. Peter Phippen, Managing Director of BBC Magazines, will become Deputy Chairman of Immediate Media Co and will play an important role in developing the new business.
From November, Immediate Media Co will publish 34 websites and over 50 magazines, with over 1 million subscribers, a brand reach of 11 million UK consumers and revenues of £145m per annum:
• Its wholly-owned brands will include Radio Times, olive, Homes & Antiques and special interest titles, including Perfect Wedding, 220 Triathlon, Practical Parenting and Junior;
• It will operate long-term licences for 23 BBC Worldwide titles, including Gardeners’ World Magazine, BBC History and the CBeebies portfolio;
• Its contract publishing deals include Top Gear, Good Food, EasyCook and Lonely Planet magazine, alongside a fast-growing customer publishing business;
• Its digital expertise includes Magicalia’s market-leading consumer websites including MadeForMums.com, Visordown.com, and GolfMagic.com, and it will offer fully-integrated e-commerce and cross-platform advertising opportunities;
• Immediate Media Co’s 750 staff will be based in London and Bristol.
Stephen Alexander, Chairman of Immediate Media Co, said: "With the creation of Immediate Media Co, we are bringing together market-leading magazine titles from BBC Magazines, a dynamic and successful range of special interest publications from Origin and an award-winning digital platform and media business in Magicalia. Immediate Media Co has both a great heritage and a great future and in Tom Bureau we have a CEO with proven cross-media credentials to lead its future development."
Tom Bureau (pictured), Chief Executive of Immediate Media Co, said: "I am very excited to be launching a new, world class media company today. We believe that we have the brands, the technology platforms, and especially the talent to develop a great business. Under Exponent’s ownership, we will invest in our brands, and our staff, to position Immediate Media Co as a powerful and confident force in the UK media industry.”
Under the terms of the deal, staff from BBC Magazines in London and Bristol, Origin Publishing and Magicalia will become part of Immediate Media Co on 1 November 2011.
Immediate Media Co is currently seeking a new head office in west London. London-based staff will move to the new premises in 2012. Staff based at BBC Magazines in Bristol and Origin Publishing will remain at Tower House, Bristol.
Background Information
Exponent is a private equity firm investing in UK headquartered businesses with an enterprise value of between £75m and £350m. It typically targets companies that are market leaders, supporting management to grow their businesses. Formed in 2004, it invested its first fund of £400m in nine companies before raising a second fund of £800m, and is currently investing from this second fund. Exponent’s current portfolio includes: Ambassador Theatre Group, the largest owner and operator of theatres in the UK; Radley, one of the leading suppliers of premium branded handbags in the UK; and Trainline, the UK’s leading internet retailer of train tickets. Most recently Exponent announced its acquisition of Quorn Foods, the meat-free business of Premier Foods plc, and Pattonair, the supply chain division of Umeco plc.
Biography of Stephen Alexander
Stephen Alexander, Chairman of Immediate Media Co, was most recently Chairman of the international music company, EMI, where he was responsible for leading an operational transformation of the business which resulted in a doubling of profits in just three years. His previous roles included being Chief Executive of Meridien Hotels and Chairman of Odeon Cinemas. He started his career at Imperial Group before moving to Allied Domecq where he was Chairman of Lyons Tetley, Chairman of Dunkin Donuts and Chief Executive of both the Retailing and Food Divisions. He is a non-executive Director of Dairy Crest Group plc.
Biography of Tom Bureau
Tom Bureau, Chief Executive of Immediate Media Co, has extensive experience of running print, cross-media and digital content companies. Following a number of early successful publishing ventures, Tom was co-founder and CEO of digital start-up Silicon Media Group (1998 – 2002). When Silicon.com was acquired by CNET Networks in 2002, Tom launched CNET Networks UK as Group MD and VP (2002 – 2007). By 2007 he had developed the company into the UK’s biggest online media publisher, with a reach of 10 million unique users, generating significant digital revenues and profits.
After a period of consulting with various private equity funds, Tom joined cross-media business Magicalia as CEO in mid 2008, working with Exponent Private Equity.
