BBC Worldwide has reached agreements to sell or licence its magazines to Exponent, a private equity firm that own Magicalia, for £121m and offload its joint venture in India.
Essentials of the deals include:
- Exponent buys all non-BBC-branded magazines – including Radio Times;
- Exponent to publish BBC titles under licence or as contract magazines;
- Exponent to take subscriptions and distribution businesses, Dovetail and Frontline;
- BBC stake in Bath-based Origin also to go to Exponent;
- Bennett, Coleman & Co, owner of Times of India, buys BBC’s half stake in Worldwide Media, a joint venture in India.