BBC magazines sold to Exponent
Radio Times and ten other non-branded magazines have been sold to private equity firm Exponent.
The BBC magazines were put up for sale last September as part of BBC Worldwide’s plans to focus on digital media.
Exponent was chosen in May as the preferred bidder of the titles, which include Olive and Gardens Illustrated.
It has been said that other bidders, including Bauer, walked away from the sales process when it was discovered that the BBC wanted to retain ownership of some of its most popular titles, such as Top Gear, Good Food and Lonely Planet, which Exponent will publish under contract. Other BBC-branded titles, such as BBC Wildlife and Gardeners' World, will also be published under licence.
In a separate deal, it was also announced today that BBC Worldwide has agreed to the sale of its 50% stake in Worldwide Media to Bennett, Coleman & Co, which owns The Times of India. Worldwide Media is a joint publishing venture in India.
Together, the two deals will raise £121 million. They have been approved by the BBC Trust and, if given approval by the Office of Fair Trading, are expected to be completed in the autumn.