Stockholder approval won for sale of Highbury magazines to Future

At yesterday's extraordinary general meeting of Highbury House Communications, shareholders approved Future's bid to purchased 38 special interest magazine titles and related businesses.

This was the last condition to be met before completion, and the transaction is now expected to complete on Tuesday.

The titles acquired include Fast Car, Fast Bikes, DJ, DVD Review, the What Video group of magazines and Highbury's puzzle titles. Future has also acquired Highbury's US business, which publishes five magazines.

None of the magazines purchased is a games title, since the Office of Fair Trading and the Competition Commission launched an investigation into a takeover bid for Highbury by Future back in April on the basis that it could give Future a monopoly in the games magazine market.

According to Highbury management accounts for the year ending 31 December 2001, the assets generate an aggregated turnover of UKP 34.1 million, with pre-tax profits at UKP 5.3 million.

"We're really pleased that Highbury's shareholders have approved Future's acquisition of these magazines," said Future CEO Greg Ingham.

"They'll be fine additions to our burgeoning portfolio and we're looking forward to welcoming the people working on them to Future next week."

Future posted six-month financial results earlier this week, noting growth over the period but issuing a note of caution for the second half of the year.