Investcorp acquires Thomson Media
- Bahrain: Saturday, November 20 - 2004 at 11:12
- PRESS RELEASE
Investcorp, the global investment group, has announced that it has closed its USD 350 million acquisition of Thomson Media, previously a division of electronic publishing group, Thomson Corporation.
Thomson Media is a leading provider of print and electronic media that reports on banking, financial services and related technology markets. Its former parent, Thomson Corporation, was once the largest newspaper publisher in Canada and owner of the prestigious Times of London newspaper.
Today, there are more than 750,000 worldwide subscribers to Thomson Media's print publications and electronic databases. Among its 54 publications are well-known and venerable titles such as American Banker, Bond Buyer, Investment Dealers Digest and Accounting Today. Thomson Media's information sources are used by more than 20 million business and professional customers in fields including law, tax, accounting, financial services, higher education and scientific research. In 2003, Thomson Media's revenues were approximately $170 million.
To reflect its separation from Thomson Corporation, Thomson Media is to be renamed Source Media.
Gary Long, Chief Operating Officer, Investcorp, explained that the Firm intended to take Thomson Media to a new level of growth, through a combination of organic business expansion and acquisition: "This is Investcorp's first acquisition in the media sector and we have examined it thoroughly. We are confident that the Thomson Media publications provide appealing growth characteristics, due to their loyal customer bases and unparalleled brand strengths. In combination, they form an excellent business that can deliver our Gulf investors substantial opportunities for incremental revenue generation," he said.
"We believe that the value of such publications lies not just in their subscriptions, but also in the targeted opportunities the subscription bases represent to reach certain niches such as bankers, accountants and bond traders. For example, a 170-year-old publication such as American Banker has a significant asset in its community of advertisers and subscribers who share common interests. Building on this, Thomson Media has the opportunity to expand existing titles into new business areas, as well as starting up new publications in fields related to the current offerings. Thomson Media will continue to be led by Jim Malkin and the talented management team that have established its strong competitive position in the financial publishing business. These factors will together create the platform to nurture additional growth and continued market leadership".
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