Centaur Media Plc has agreed a deal to sell MWCR Limited – the operating company of Marketing Week, Festival of Marketing and Creative Review – to Haymarket Media Group.
The cash deal, for an enterprise value of £3.9 million, follows the sale of MiniMBA to Brave Bison in July and The Lawyer, expected to complete early next month, to Legal Benchmarking.
And last month the leadership team at Oystercatchers, a consultancy and strategic intermediary partner for agencies which Centaur acquired in 2016, completed a management buyout.
Marketing Week was launched in 1978 by Centaur and provides news, analysis and insight for its audience of senior marketers. Festival of Marketing was launched in 2013 and is an annual fixture for the marketing community, with this year’s event taking place on 2nd October.
Haymarket is the owner of Campaign, PR Week and Performance Marketing World. Its portfolio includes 70 media, data and information brands.
Marketing Week will continue to be overseen by existing managing director Claire Rance (pictured), who will report into Donna Murphy, deputy managing director at Haymarket Business Group.
“Marketing Week will continue to be the go-to source of news, insight and analysis for marketers, championing and challenging the industry in equal measure,” said Russell Parsons, editor-in-chief of Marketing Week and Festival of Marketing.
“I look forward to working with the team at Haymarket to enhance our offering and provide even more value to our audience.”
Last December Martin Rowland, executive chair of Centaur, announced that the company’s board was to review its business operations and strategy.
Once this latest disposal completes, the remaining businesses will be Econsultancy and The Influencer Group – the latter comprised of the Influencer Intelligence and Fashion & Beauty Monitor brands – and Centaur said these will likely remain part of the group for the near future.
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It added that it is significantly downsizing its central and support functions, with finance, HR and IT support outsourced or restructured in response to the lower resource requirements.
The board also said it intends to consult shareholders on how to return cash to them, with the current net cash of £24.4m set to rise to £71m when disposals of The Lawyer and Marketing Week complete.
“Today’s announcement represents further progress on our strategic review in Centaur’s pursuit to maximise shareholder value,” said Rowland.
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