PMP Communications, one of Australia's leading print and publishing companies and parent company of consumer publisher Attic Futura, is to dispose of its UK subsidiary. Attic Futura has a portfolio of eight titles including market leader Sugar and its latest launch CD:UK.
PMP has negotiated with its European publishing partner, North South Publishing, to take full ownership of the joint venture titles in the UK, Sugar and B magazines, and B magazine in Australia. North South will receive full ownership of PMP's German titles Hit Stars and FHM.
The cost to PMP of the transaction is in the region of $50m, deferred over the next two years. CEO of PMP Australia, Bob Muscat, says: "This gives PMP the freedom to pursue a full sale of the UK publishing asset."
Managing director Vivien Cotterill says: "We anticipate significant interest from prospective buyers interested in acquiring Attic Futura UK.
"Attic Futura is a fantastically sought after company which has led the way in the teenage market place and has an enviable record of hugely successful launches.
"Until a sale has been agreed it will be business as usual at Attic Futura."
{{CTN }}
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