BBC Worldwide to complete sale of BBC Magazines? assets

MUMBAI: BBC Worldwide will complete on 31 October its previously announced sale of BBC Magazines? assets to Exponent Private Equity.

In addition to the outright sale of six magazine titles, a number of long-term publishing licences and contracts to publish a further four, the assets to be acquired by Exponent include BBC Magazines? shareholdings in two joint ventures ? subscription fulfilment business Dovetail and distribution business Frontline ? as well as its stake in Origin Publishing.

Completion follows regulatory clearance from the Office of Fair Trading obtained earlier this week.

Completion of the sale of BBC Worldwide?s shareholding in Indian publishing joint venture, Worldwide Media, to fellow shareholder Bennett, Coleman & Co. Ltd took place last week.

The two transactions will together generate cash proceeds of ?121 million, which will be returned to the BBC.

BBC Worldwide CEO John Smith said, "Building on a heritage dating back to Radio Times? first edition in 1923, the titles remain synonymous with the highest quality journalism along with expertise in, and a passion for, their subject areas. We will retain a close link with the new owners following the transaction, which I believe offers the best prospects for the business in the future."