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SPH Magazines to acquire Asian luxury titles - Dec 27, 2007 (BT)

BackDec 27, 2007

The Straits Times / The Business Times News On SPH

SPH Magazines to acquire Asian luxury titles

Plan to buy high-end publications by Adkom will cost the unit $23.2m.

By Quah Chin Chin
Dec 27, 2007
The Business Times

SPH Magazines, a wholly owned subsidiary of media group Singapore Press Holdings, is acquiring all the luxury magazines owned and published by Adkom Ltd.

The proposed acquisition of the titles, which is being made through wholly owned Blu Inc Media (HK), includes the transfer of all other businesses, assets and benefits related to the publishing of the magazines.

The total consideration is about $23.2 million.

The acquisition of the titles will extend SPH Magazines' reach in the N Asia market and fortify its position in the Asia-Pac region.

The luxury titles include Asia-Pacific Boating, China Boating, Jet Asia-Pacific, Luxury Properties, AsiaSpa, Polo China and Action Asia. They are published and circulated in major cities in Asia and are targeted at affluent and active-lifestyle readers.

'The acquisition of the titles will immediately extend SPH Magazines' reach in the North Asia market and fortify its position in the Asia Pacific region as a major magazine publisher,' SPH said in its announcement.

The proposed acquisition - which is subject to a range of conditions and is expected to be completed around Dec 31 - will add to SPH Magazines' already extensive list of more than 90 magazine titles, including Her World and Female, Singapore's top-selling women's magazines.

SPH said the proposed acquisition is not expected to have any material impact on its net tangible assets and earnings per share for the current financial year ending Aug 31, 2008.