Future snaps up Cycling News and Procycling Magazine from Immediate Media
Publishing firm Future has bought two specialist cycling titles from rival Immediate Media in a bid to cash in on the UK's cycling craze and bolster its special interest offering.
The media firm today said it has acquired Procycling Magazine and Cyclingnews.com, the world’s largest cycling website, for an undisclosed amount.
Read more: Vogue publisher Conde Nast's accounts reveal £13m loss
Future said the deal for the two brands, which brought in combined revenues of £2m over the last 12 months, is expected to close on 28 February.
Future chief executive Zillah Byng-Thorne said: “The acquisition of these titles will expand our presence in the sport and outdoor leisure vertical, and is a clear demonstration of our strategy to leverage enduring content on our technology platform to further diversify our revenue streams.
“Cycling News and Procycling are respected brands with leading market positions that will complement our existing portfolio whilst extending our reach into new adjacent communities.“
Future, which owns a string of specialists publications including What Hifi and Gizmodo, said the move will help it move into a market-leading position in the professional cycling sector.
Public interest in cycling has grown in recent years thanks to the success of British Olympic cyclists such as Sir Bradley Wiggins and Sir Chris Hoy.
Read more: Buzzfeed founder hints at media mega-merger
Roughly 3.6m bicycles are sold in Britain each year and the industry contributed around £3bn to the UK economy in 2010, according to trade body Cycling UK.
The deal is the second time Cyclingnews.com has been passed between the two publishing companies. Five years ago Immediate bought the cycling news site from Future as part of a £24m deal.