International media group Future plc has acquired NewBay Media for an initial net value of $13.8 million, the companies announced today.
NewBay Media, based in London and New York, is a magazine and website publisher, with multiple verticals covering fields like TV and audio, electronics and education, as well as magazines. Its entities include Music Week, Multichannel News and Broadcasting & Cable (B&C).
“This acquisition supports our strategy of growth organically and through acquisition, global expansion and revenue diversification,” Zillah Byng-Thorne, CEO, Future, said in a statement.
Future’s brands include TechRadar and PC Gamer. With its acquisition of NewBay and its entities increases, Future now controls more than 100 brands across events, online and print.
Future boasts that it reaches more than 100 million people globally, with 62 million online users and a social media reach of 63 million.
Executives will hold meetings with NewBay staffers over the coming days to get an understanding of their day to day, but there are no set plans to make changes to staffing or titles, Future CFO Penny Ladkin-Brand said.
According to an industry source, the senior management team at NewBay will remain in place, including CEO Steve Palm.
“For now, we’re on the mission to learn and we’ll be operating business as usual, but welcoming all the staff into the Future family,” she said.
Ladkin-Brand said Future had been in talks with NewBay for a “couple of years,” and that it felt like a “complementary fit to the business.”
“I am proud of the many accomplishments made by the NewBay team over the last few years in the areas of events, marketing services and digital content, and I am equally excited to work alongside my new colleagues at Future to further grow our ability to delight our millions of users and thousands of partners,” Palm said in a statement.