In an effort to scale back its exposure in the U.S. market, the U.S. division ofFuture plc has sold its Music Division, which includes Guitar World, Revolver and Guitar Aficionado and their related digital and live event assets, to New York-based NewBay Media for $3 million.
The deal significantly increases NewBay Media's enthusiast portfolio, especially its guitar-related brands. It already has a music group that includes titles such as Bass Player, Guitar Player and Keyboard. The company also has a b-to-b division serving the broadcast/video, professional audio and A/V and electronics markets.
Under terms of the deal, $2.6 million in cash will be paid at close, $150,000 on September 30, 2012 and $250,000 in third quarter 2012 pending performance goals. more