Acquisition
March 11 2003 - 2:04AM
UK Regulatory
RNS Number:5466I
Future Network PLC
11 March 2003
11 March 2003
THE FUTURE NETWORK PLC
Proposed acquisition of computer games magazines in France
The Future Network plc ("Future"), the international consumer magazine Group,
today announces that it has agreed to purchase a subsidiary of Hachette
Filipacchi Presse S.A. in France, Hachette Digital Presse S.A. ("HDP"), for
#3.5m payable in cash, which will be met from Future's existing cash resources.
The computer games magazines to be acquired are Official PlayStation 2 Magazine,
Joystick and Joypad. DVD Magazine is also included in the acquisition.
The transaction is subject to clearance by the competition authorities in
France. HDP was previously owned by Hachette Filipacchi Presse S.A., which,
following this transaction, will no longer publish any computer games magazines.
Turnover for the year ended 31 December 2002 generated by HDP was #8.2m and the
results for that year produced a pre-tax loss of #19,000. As at 31 December
2002 its net assets amounted to #22,000.
Commenting on the transaction, Greg Ingham, Future's Chief Executive, said:
"The proposed transaction is subject to regulatory approval. If successful, we
will be pleased to have made this bolt-on acquisition in one of our core markets
of computer games. We have admired these titles as competitors for many years:
they will be a very welcome addition to our French portfolio."
Enquiries:
The Future Network plc
Greg Ingham, Chief Executive Tel: 01225 442244
John Bowman, Finance Director
Hogarth Partnership
James Longfield/Georgina Briscoe Tel: 020 7357 9477
This information is provided by RNS
The company news service from the London Stock Exchange
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