BBC prepares for Radio Times sell off
BBC Worldwide is to sell a majority stake in its magazine arm after the corporations governing body signed off on the sale yesterday.
In a statement the BBC said they were seeking a partner that would “enable our portfolio of profitable market-leading titles to meet its potential, while still protecting the BBC’s editorial standards and brands.”
This partner would acquire a 75% stake in a new company which would pursue the development of digital extensions to its titles – such as iPad apps and digital subscriptions. Analysts expect could net the BBC up to £135m.
Thirty publishers are thought to have expressed an interest in acquiring the division, which includes such titles as Radio Times, Top Gear and Gardeners’ World.
A full sale has been ruled out on the grounds that such magazines are vital brand extensions of their respective shows.
The BBC’s magazine division is highly profitable, generating £163m in turnover last year with profits of £18.4m.
Worldwide has been criticised in recent years for stifling private sector competition.