Cirrus Media divests Travel Weekly and B&T in management buyout
The publishers of Cirrus Media’s travel and media publications have taken ownership of the brands in a management buyout.
David Hovenden and Dan Uglow have bought the titles, which include the long-established Travel Weekly and B&T, and associated assets, understood to include the B&T Awards, for an undisclosed amount.
The pair have created a new company called The Misfits Media Company and will relocate from Cirrus Media’s Chatswood head office in Sydney to the suburb of Surry Hills.
All staff, which number around 20 across both titles, will be retained while administrative staff, including HR and accounts, will be recruited. The deal will be completed on October 1.
How much did they pay, I wonder – $50?
Lisa, it would not have been much. Few companies sell really profitable properties, unless the offer is way above market value.
Ballsy move – lets hope they can make changes to bring these two titles into health
As Ash says, publishers don’t let go of good performing titles!
Best of luck guys
Yeah, tough gig but best of luck to the guys.
B&T and TW have been loss leading for nearly a decade…..The only cream is the B&T Awards…..
I would say that Mr King, looked at the P&L’s, and said WTF – let’s get rid of this …..
Did the maths 20 x redundancies v they all go for zip, and we save on the rent in chats wood, win win for Catalyst