Sanoma sells off 19 magazine titles
Sanoma is selling of 19 magazine titles to New Skool Media, the Finnish publisher announces today. The sale also means that 93 employees are moving over to New Skool, who retain their current terms of employment and social plan.
Several titles like Home and Garden, Know How, and Procycling are going to be sold. Other sporting, home and lifestyle titles are also going to New Skool Media. The publisher is based in The Netherlands, and is a specialized media house. The process is expected to be completed around the end of this year.
These titles that Sanoma is letting go of yielded the publisher a turnover of around €38 million. The sum of money for which the sale is pinned has not been announced.
This sale is part of a large-scale restructuring that Sanoma media announced in the Autumn of last year. The publisher said at the time that it planned on selling 32 of its magazine titles. The seven leftover titles, mainly lifestyle and monthly publications, still need an interested buyer.
Magazines still up for sale are Panorama, Nieuwe Revu (New Review), Playboy, Grazia and Beau Monde among others. A fate for these magazines is expected at the end of this year.
With the sale of these titles, Sanoma is focusing on its leftover magazines which include women's publications Libelle, Margriet, Viva and LINDA, kids' magazine Donald Duck, and Tina, Autoweek and the home and living magazine Eigen Huis & Interieur (Own Home and Interior).