German publisher Hubert Burda Media has acquired Immediate Media UK, the publisher Radio Times and Top Gear, for an undisclosed sum.
The deal will see Hubert take on 100% of Immediate’s portfolio, which includes a number of BBC Magazines titles and attracts around 19 million consumers each month.
Based in Munich, Hubert is a technology and media company with over 540 brands worldwide, 175 million users and approximately 60 million paying consumers. In the UK it publishes several consumer magazines such as Your Home and Wedding.
“Immediate Media is a great platform for print as well as digital consumer businesses in the UK,” said Paul-Bernhard Kallen, Hubert CEO.
“The successful management team brings strength and depth across publishing, technology and e-commerce and has built a growing, profitable company with a large and loyal customer base.
“We believe Burda and Immediate Media match perfectly – with regards to the business segments as well as to the entrepreneurial mindset of both companies.”
Immediate Media was established in 2011 following the merger of a number of media platforms, backed by Exponent Private Equity.
In the same year, Immediate bought 11 titles from the BBC – including Radio Times, Olive and Gardens Illustrated – in a deal worth £121 million.
The publisher also obtained the licence to 18 BBC programme-branded titles, while a third group of titles, including Top Gear and Good Food, were retained by BBC Worldwide but published by Immediate Media under a contract publishing agreement.
Commenting on the acquisition, Immediate’s CEO, Tom Bureau, said: “Since we formed Immediate with Exponent in 2011, we have created a dynamic, thriving business.
“We have grown revenues and profitability substantially, and have invested in people, technology and business models. The business is primed for further growth, and I am happy that we have found a partner that shares our vision for growth and innovation.”
