BBC Magazines has been renamed as Immediate Media Co following the completion of the sale to private equity firm Exponent.
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.
BBC Worldwide said its sale of BBC Magazines – combined with the disposal of its shareholding in Indian publishing joint venture Worldwide Media – would generate £121m.
The announcement follows regulatory clearance from the Office of Fair Trading of Exponent’s acquisition of BBC magazine titles.
The sale includes six magazine titles, several long-term publishing licences and contracts to publish a further four.
Other assets include BBC Magazines’ shareholdings in two joint ventures - subscription fulfilment business Dovetail and distribution business Frontline - as well as the stake in Origin Publishing.
Stephen Alexander has been appointed as Chairman of Immediate Media Co, Tom Bureau, currently Chief Executive of Magicalia, is Chief Executive and Peter Phippen, Managing Director of BBC Magazines, will become Deputy Chairman.
"I am very excited to be launching a new, world class media company today,” said Bureau.
“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 Exponent’s ownership we will position Immediate Media Co as a powerful and confident force in the UK media industry
Tom Bureau, Immediate Media Co CEO
Immediate Media Co is currently seeking a new head office in west London and 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.