Future Publishing has announced the proposed acquisition of the consumer division of NYC-based Purch, the next generation of digital publishing and marketplace platform, operating in the consumer technology and science verticals. The deal is expected to be worth £105.7m ($132.5m), which will be funded by a rights issue.
Assuming the deal goes through as expected – 1st Sept 2018 is the projected completion date – the acquisition will give Future the number one position in consumer tech publishing in the US and further cement its position as a growing destination for specialist media. It will also provide further diversified revenue streams for Future going forwards, with Purch’s cutting-edge technology also helping drive Future’s mission of becoming a tech and data-driven global platform.
Purch B2C publishes a range of consumer technology and science titles, including Tom’s Guide, Tom’s Hardware, Top Ten Reviews, and Space.com, with 72.8 million monthly users. In the year to 31 December 2017 the company generated revenue of $63.5m and adjusted EBITDA of $10.1m.
Talking about the proposed deal, Zillah Byng-Thorne, CEO of Future, said, “Future’s mission to be a technology-enabled global platform for specialist media takes another big step forward today with this announcement. I’ve been impressed by the strength of Purch’s technology platforms and the expertise of its people. Together we can build a combined organisation that has scale and growth opportunities ahead.
“The two businesses share similar cultures – we both share our audiences’ passion, we’re data-driven, ambitious and both have an innovative mindset. From day one Future will be number one in the US consumer technology sector, and beyond this, we see clear opportunities for combined growth.”
Purch B2C is expected to remain based in New York City.