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Thu November 15 2018

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New owner rescues construction mags

1 Jun 17 Some of the UK’s at-risk construction trade magazines are now under new ownership after being on the block all year.

Business publisher Ascential, formerly known as Emap, put up for sale a portfolio of 11 magazines at the start of 2017, including Construction News, New Civil Engineer and Architects' Journal.

They have now been bought by privately owned Metropolis International Limited, which also bought Property Week in 2013.

The sale deal also includes Ground Engineering, H&V News / RAC, Materials Recycling World and The Architectural Review as well as Local Government Chronicle, Drapers, Nursing Times and Retail Jeweller.

Ascential CEO Duncan Painter explained: "Ascential's strategy is to focus on its top performing brands.”

Metropolis International has paid £23.5m in cash for the titles, which collectively generated revenue of £32.1m in 2016 (2015: £34.6m) and adjusted Ebitda of £6.9m (2015: £8.0m). 

MPU

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