Publisher of such esteemed titles as Edge, Total Film and Tech Radar, Future PLC has acquired ToyNews' publisher NewBay Media for $13.8 million.
The deal to said to include $12.25 million in cash and $1.55 million in shares, with a further potential deferred consideration of up to $5.6 million in January 2019, depending on performance).
ToyNews and its sister site Licensing.biz will continue to run as usual, operating our newly redesigned website, social channels, daily newsletter and providing industry-leading coverage in our monthly print magazine.
Future CEO Zillah Byng-Thorne said: "NewBay is clearly aligned with Future in its mission to create content that connects, with market leading titles.
"We have a proven track record of acquisition and successful integration. "This deal will be earnings enhancing and drive further organic growth in revenue and profitability in the first full year."
"This looks to be an exciting new chapter in the legacy of ToyNews," commented editor, Robert Hutchins.
"We're excited to share our expertise and passion for the toys and licensing industries with the Future team, while we continue to grow and service our audience."
Speaking of the acquisition, president and CEO of NewBay Media, Steve Palm said: "The NewBay team’s expertise in engaging business decision makers, and providing solutions to sellers around the globe – through events, digital content, and marketing services – complements Future’s capabilities, creating a unique platform and exciting growth trajectory."
"I am proud of the many accomplishments made by the NewBay team over the last few years in the areas of events, marketing services and digital content, and I am equally excited to work alongside my new colleagues at Future to further grow our ability to delight our millions of users and thousands of partners.”
Future's acquisition of NewBay represents the firm's first foray into B2B publishing.