Country Life Owner Buys Dennis Publishing in 300 Million | . Deal Future publication

Future, the owner of titles such as Country Life and Metal Hammer, has acquired the publisher of magazines such as The Week and Minecraft World in a 300 million euro deal.

The deal is the latest in a buying frenzy from Britain’s largest magazine publisher, which spent nearly $600 million in November buying the comparison site GoCompare, and will hand a significant profit to Dennis Publishings’ private equity owners, Exponent.

Future will acquire a portfolio of 12 titles, including the adult and junior versions of US and UK current affairs title The Week, MoneyWeek, Coach, Computer Active, PC Pro and IT Pro.

Exponent, which acquired the publishing house founded by the late Felix Dennis for $166 million in 2018, tracks Viz, Fortean Times, Cyclist, and Expert Reviews. Dennis’ automotive magazines, including Auto Express and Octane, have already been spun off into a separate company called Autovia, chaired by former MoneySuperMarket CEO Peter Plumb.

I am pleased to announce the acquisition of a high-quality portfolio of Dennis trusted brands that will accelerate our strategy, said Zillah Byng-Thorne, Future’s CEO.

Futures, whose market value has risen from about $30 million to $4.7 billion in the past seven years, was one of the biggest gainers on the FTSE 250 on Monday as investors welcomed the latest round of consolidation in the publishing sector.

In the three years that the company has been owned by Exponent, Dennis has experienced incredible growth, with double-digit increases in subscription revenue, a vastly larger U.S. footprint and significant earnings gains, said James Tye, Dennis’s CEO.

Dennis reported revenue growth of 12% to $105 million last year, while adjusted profit rose 14% to $20 million, according to the financial filing announcing the deal. Future said it expects 5 million annual cost savings in the Dennis business by 2023.

This year, Exponent hired LionTree Advisors to find a buyer for Dennis, sparking interest from publishers including News UK, which was evaluating a bid targeting The Week brands.

Daily Mail and General Trust, the publisher of the Mail, Metro and I, were considering an offer for Dennis when it went up for sale three years ago when Exponent emerged as the buyer. In March, DMGT paid 70 million for New Scientist magazine and 49.6 million two years ago to buy the i-newspaper.

Future has been on a buying spree for the past few years, with the company looking to expand into the ailing magazine market while moving towards a primarily digital model.

The company cemented its place as the largest UK magazine publisher last year after completing a 140 million deal to purchase TI Media, formerly Time Inc UK, which publishes 40 titles, including Horse & Hound, Woman & Home and Wallpaper.