British media company snaps up New Scientist magazine for £70m in cash
The 65-year-old scientific title is expected to post £7m profit in 2021
Bengaluru — The owner of Britain's Daily Mail newspaper acquired science and technology magazine New Scientist for £70m in cash, as it looks to build out its subscriptions and digital offerings.
British multinational media company Daily Mail and General Trust (DMGT) said on Wednesday its consumer media division bought the publication from a consortium of investors led by New Scientist owner Bernard Gray.
"New Scientist is a world-renowned publication loved by its readers. We are very much looking forward to supporting their exciting plans to grow as the go-to publication for anyone interested in the scientific world around us," DMGT chair Jonathan Harmsworth said.
The purchase comes soon after the British firm agreed to sell its EdTech business, Hobsons, in an effort to narrow its focus on a handful of businesses.
New Scientist, founded in 1956, is expected to post an operating profit of about £7m in 2021, with revenue likely to exceed £20m, DMGT said.
The publication has a weekly circulation of about 120,000, of which just over half are based in the UK, and gets about 75% of its revenue from subscriptions.
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