The RBI dilemma: Accept a low price, or call off the sale

Posted by Paul McNally on 19 November 2008 at 09:31
Tags: B2B Magazines, Magazines, Media Business

Reed Elsevier could call off the sale of its B2B magazine division, Reed Business Information, after offers fell to $1bn – about half the original asking price.

According to Bloomberg, there are at least two bidders left in the running – Bain Capital and a consortium made up of TPG and DLJ Merchant Banking Partners.

If Reed chief executive Sir Crispin Davis decides to settle for one of the lower prices on the table, a sale could be wrapped up by Christmas, the report says.

He is understood to be keen to offload RBI before he retires in March.

Reed Business Information chief executive steps down

Posted by Rachael Gallagher on 18 November 2008 at 10:34
Tags: B2B Magazines, Magazines

The chief executive of B2B publisher Reed Business Information Gerard van de Aast is to step down next month ahead of parent company Reed Elsevier’s sale of the business publisher.

Van de Aast will surrender his positions on the boards of both RBI and Reed Elsevier and from 15 December, when RBI’s UK chief executive Keith Jones will become acting chief executive for the division worldwide “pending resolution of the current divestment process”.

Van de Aast has been dealing with the attempted auction of RBI, which, due to the current economic crisis, has been delayed and seen the value of the business reduced.

Delay of RBI sale forces Reed Elsevier to extend loan refinancing

Posted by Rachael Gallagher on 12 November 2008 at 10:59
Tags: B2B Magazines, Magazines

The delay in Reed Elsevier’s sale of Reed Business Information has meant the company has had to extend the deadline for refinancing half of the $4.17bn (£2.7bn) loan it used to buy data provider ChoicePoint.

According to The Telegraph, the information company financed the ChoicePoint acquisition with short-term bank facilities and was hoping to pay off part of this debt with the sale of RBI.

However, the economic crisis which has delayed the auction and seen the value of the business to slide from £1.25bn to between £650m and £850m, means that the refinancing of the loan has been put back till March 2009.

Earlier this week American asset manager Apollo Management withdrew from the auction leaving just two parties left in the bidding – ZenlickMedia and Bain Capital.

Emap Inform to scrap charges online

Posted by Rachael Gallagher on 11 November 2008 at 10:01
Tags: B2B Magazines, Magazines, New Media, Online

B2B publisher Emap is to scrap subscription charges on a number of its website next year.

The move will apply to the Emap Inform division, which includes Health Service Journal, Retail Week and Drapers.

Emap chief executive David Gilbertson said: “We are in the process of going free-to-view across our sites and we have to deliver to our digital advertisers.

The group has also poached Claudia Arney from b2b rival Informa to take on the role of digital managing director for Emap Inform.

The company was acquired by Guardian Media Group and private equity firm Apax for earlier this year when former media giant Emap sold of its consumer, b2b and radio arms seperately.

Just two parties left in RBI bidding

Posted by Rachael Gallagher on 10 November 2008 at 11:29
Tags: B2B Magazines, Magazines

American asset manager Apollo Management has withdrawn from the auction of Reed Elsevier’s business information unit.

This now leaves just two parties left in the bidding – ZenlickMedia and Bain Capital.

Three parties left in RBI bidding revealed

Posted by Rachael Gallagher on 29 October 2008 at 10:32
Tags: B2B Magazines, Magazines

The three parties left in the bidding for Reed Elsevier’s sale of Reed Business Information have been revealed by Forbes.

Former publisher of the Wall Street Journal Gordon Crovitz is working with a consortium made up of private equity limited partnership firm Apollo Management (founded in 1990 by American billionaire Leon Black), and private equity firm Zelnick Media, which also owns interests in Columbia Music Entertainment and ITN Networks.

ZenlickMedia is made up of a host of big name media and communication executives, including former was ceo of BMG Entertainment and president of 20th Century Fox Strauss Zelnick, former senior publishing executive of the Wall Street Journal Jim Friedlich and former executive vice president of News Coporation Ben Feder.

The second party is Boston-based private equity firm Bain Capital, which owns Burger King. The company has hired former chief executive of The Economist Group Helen Alexander as an advisor on the deal.

The final party is led by private equity investment firm TPG – formerly known as formerly Texas Pacific Group - and DLJ Merchant Banking Partners. TPG’s UK companies include Debenhams and chemical firm The Vita Group

Reed tries to further sweeten RBI sale as no completion in sight

Posted by Dominic Ponsford on 28 October 2008 at 11:34
Tags: B2B Magazines, Consumer Magazines, Journalism, Magazines, Media Business

Reed Elsevier is reported to be offering prospective buyers of Reed Business Information more financing to sweeten the deal.

Reed is already offering £213m of financing to prospective buyers. Now the Telegraph is reporting that it is offering “significantly more” to get the deal through in the current challenging market conditions. (more…)

RBI offers drop dramatically

Posted by Rachael Gallagher on 23 October 2008 at 09:54
Tags: B2B Magazines, Magazines

The economic downturn has seen Reed Business Information’s value plummet from the initial £1.25bn to below £1bn, putting the sale by its Anglo-Dutch downer Reed Elsevier in jeopardy, reports the Financial Times.

(more…)

British Archaeology mag prompts English Heritage to pulp book

Posted by Dominic Ponsford on 13 October 2008 at 11:06
Tags: B2B Magazines, Customer publishing, Journalism, Magazines

English Heritage has been forced to withdraw The Ghastly Book of Stonehenge after British Archaeology Magazine revealed that it was littered with errors. (more…)

Police Review magazine celebrates 6,000th issue

Posted by Paul McNally on 10 October 2008 at 08:07
Tags: B2B Magazines, Magazines

The weekly B2B magazine for police officers, Jane’s Police Review, has celebrated the publication of its 6,000th issue this morning.

The title, which launched in 1893 as The Police Review, said it had not missed a single issue - despite a 1996 IRA bombing that destroyed the building in London’s Docklands that housed the title.

Jonathan Shephard, chief executive of the Periodical Publishers Association, said: “Any title that started in the 19th century and is still flourishing in the 21st century must have shown real must-have value, together with a remarkable ability to adapt.”

Currently edited by Chris Herbert, the magazine is owned by Jane’s Information Group - the specialist military and maritime B2B publisher.

Up to 50 jobs to go at Incisive

Posted by Rachael Gallagher on 1 October 2008 at 08:50
Tags: B2B Magazines, Magazines

Business publisher Incisive Media is set to axe up to 50 jobs as the latest round of credit crunch casualties, reports Media Guardian.

The company, which owns a number of titles including American Lawyer and Accountancy Age, is rumoured to have implemented a recruitment freeze three months ago.

In September this year the publisher merged technology weeklies IT Week and Computing, a move that director Graham Harman denied was a cost cutting exercise. He said: “It’s not driven out of cost cuttings or cost savings, and I know a lot of publishers are under a lot of pressure at the moment. The danger is as we get further into the recession and we see downturns in revenues they’ll be pushed into this out of necessity and a lot of them won’t be ready for it because they won’t have thought about it, or be where we are in terms of the online offering.”

The move only resulted in one redundancy, but it looks as though the (non cost-cutting) changes weren’t enough to prepare the publisher for the economic crisis we’re going through now.

Staff learn their fate later today.

Reed Business Information bidding goes through to third round

Posted by Rachael Gallagher on 23 September 2008 at 10:05
Tags: B2B Magazines, Magazines, Media Business

The bidding for the b2b arm of Reed Elsevier, Reed Business Information, has moved into its third round with four of the original eight bidders expected to go through, reports The Financial Times.

The length of the third round depends on whether bidders can raise finance in the current economic climate, which last week saw the private equity consortium consisting of Providence Equity Partners, Carlyle Group and Blackstone Group withdraw its offer of B2B publisher Informa.

Informa bid withdrawn

Posted by Rachael Gallagher on 19 September 2008 at 10:43
Tags: B2B Magazines, Magazines

The private equity consortium consisting of Providence Equity Partners, Carlyle Group and Blackstone Group has withdrawn its offer of B2B  publisher Informa.

The consortium said in a statement this morning that “a material change of circumstances” was one of the reasons behind the decision. it added that reserves the right to make another offer within the next six months.

Informa chairman Derek Mapp said: “Informa has attractive future prospects and is continuing to deliver growth across the business even in the face of a weaker economic environment. We have a first-class management team to drive the business forward.”

Earlier this week Press Gazette publisher Wilmington announced it had terminated talks of a takeover.

American b2b magazines see advertising drop

Posted by Rachael Gallagher on 16 September 2008 at 10:16
Tags: Advertising, B2B Magazines, Magazines

Business magazines in America have seen revenue declined more than 6 per cent during the first half of 2008 and advertising pages drop 8 per cent, reports Folio.

Revenue for June dropped 6 per cent year on year.

The figures come from American Business Media, which produces monthly Business Information Network (BIN) reports that track business media print advertising spending and pages.

President of American Business Media, Gordon T. Hughes II, doesn’t think these figures are a reason to panic. ““Considering the current state of the economy, b2b media has held up well,” he said. “B2b media information companies continue to broaden their portfolios to satisfy market needs such as digital products, custom media and data.”

New Manchester digital business magazine

Posted by Rachael Gallagher on 11 September 2008 at 10:31
Tags: B2B Magazines, Magazines

American company NXTBOOK has launched a free digital business magazine in Manchester, reports How Do.

Nxt Manchester is a 41 page digital title that has been sent to 100,000 business people in Manchester and surrounding areas.

The launch issue offers business stories, interviews and profiles.

Operations manager Amber Stephens said “the actual number of people who view the magazine will be a lot higher” than the 100,000 distribution list. “Using the NXTBOOK format we are able to gather extensive stats, so it will be interesting to monitor this in time for the next issue,” she added.

Earlier this week regional business news website, The Business Desk, launched a North West edition covering Manchester.

The region is also served by Crain’s Manchester Business and North West Business Insider.

Informa bidders given deadline

Posted by Rachael Gallagher on 9 September 2008 at 16:49
Tags: B2B Magazines, Magazines

A consortium of private equity companies interested in buying business publisher and conference group Informa has been given until 26 September to make an offer, reports ShareCast.

New North West business website to rival Crain’s and Insider

Posted by Rachael Gallagher on 9 September 2008 at 08:58
Tags: B2B Magazines, Journalism, Magazines, New Media, Online, Regional Newspapers

Regional business news website, The Business Desk, has launched a North West edition, reports How Do.

TheBusinessDesk Yorkshire launched in November last year, and owner David Parkin said its success pushed him to launch another edition.

He said: “The launch of the North West site was accelerated, partly by the success of the Yorkshire site and partly due to the fact that we wanted to establish ourselves here quickly.”

Parkin has employed three business journalists to help him take on already established business media in the area, Crain’s Manchester Business and North West Business Insider.

Former Manchester Evening News business editor Sheryl Moore, former Yorkshire Post deputy business editor James Graham and author and journalist Anastasia Weiner have joined Parkin, who has initially taken on the role of editor but is looking to recruit a replacement in the near future.

New private equity bidder in frame for RBI

Posted by Dominic Ponsford on 5 September 2008 at 09:14
Tags: B2B Magazines, Magazines, Media Business

Former Reed Elsevier non-executive director Strauss Zelnick is said to have teamed up with private equity group Apollo to make a bid for Reed Business Information - which is currently up for sale, the FT reports. The various bidders have until 18 September to finalise their offers for the group -which could be sold as a whole, or broken up.

ITV could drop out of FTSE 100

Posted by Patrick Smith on 4 September 2008 at 16:21
Tags: B2B Magazines, Broadcast, Customer publishing, National Newspapers, Newspapers, Television

ITV faces being relegated from the FTSE 100 after its value dropped 60 per cent in the last year, as Brand Republic point out. 

Next Tuesday is the London Stock Exchange’s deadline for its quarterly reshuffling of companies’ ranking and the new list will be out on 22 September.

Shares were selling at 43.8p at GMT 16:15 today, down from a year high of 112.7p, giving it a market capitalisation of about £8.3bn.

That leaves just five media companies in the FTSE 100: BskyB, Reed Elsevier, WPP, Pearson and Thomson Reuters.

Haymarket chief departs, magazines are reorganised

Posted by Patrick Smith on 3 September 2008 at 07:53
Tags: B2B Magazines, Journalism, Magazines

Brand Republic reports that managing director of Haymarket’s specialist media division Nick Stimpson has left the company after 18 years an that the division has now been split into Haymarket Business Media’s Brand Media and Professional Media sections.

UPDATE 11:05

A spokesperson for Haymarket has been in touch to say: “Previous to this reorganisation, Haymarket Business Media consisted of the divisions Business Media, Professional, Medical, Business Solutions and Specialist.

“Following the departure of Nick Stimpson, we simply reorganised the Print & Packaging Group under Professional, headed up by Stephen Farish. And the Management & IT and Meetings & Incentives Groups are now organised under Brand Media, headed up by Rufus Olins.  Print Week is now a part of Professional, headed up by Stephen Farish.”