Bonnier Acquires Five Hachette Titles
CEO: ‘We’re establishing a foundation for when the economy recovers.'
Bonnier Corp. announced today that it has officially acquired five magazines from Hachette Filipacchi Media U.S. Terms of the deal, which closed Monday, were not disclosed.
The five titles include American Photo, Boating, Flying, Popular Photography and Sound & Vision. The magazines had been on the block since March.
In addition to the print magazines, the deal includes the associated Web sites, books, licensing agreements, videos and branded events. According to Bonnier CEO Terry Snow, the Winter Park, Florida-based publisher will continue to publish all five titles.
“This is an excellent time to buy quality brands and to grow market share,” Snow wrote in an e-mail to FOLIO:. “The multinational, 200-year-old Bonnier parent company has always had a very big-picture vision for growth, which views short-term downturns as long-term opportunities. We believe in these new properties and how they complement our current portfolio of enthusiast titles. We’re establishing a new foundation for when the economy inevitably recovers. And we’re doing it with established brands that can connect and evolve with their very passionate audiences for decades to come.”
There were 12 layoffs associated with the deal, Snow said. The remaining staffers, approximately 50, will transition to Bonnier.
According to Hachette president CEO Alain Lemarchand, the sale will allow the publisher to focus “on our core areas of strength, including the women’s brands, the shelter category and our automotive category.”
Media investment firm DeSilva + Phillips represented Hachette.
The deal marks Bonnier’s third acquisition in recent months. In September, Bonnier bought Working Mother magazine publisher Working Mother Media Inc. from MCG Capital and founding CEO Carol Evans. In December, it purchased Scuba Diving magazine from F+W Media.