London-based United Business Media says it has completed its $287 million acquisition of medical industry publisher and event producer Canon Communications. The deal agreement was announced mid-September.
UBM also has released an interim management statement detailing the company’s performance through the third quarter. Print sales, the company says, are down 15.3 percent to approximately $163.7 million over the nine-month period. That’s an underlying decline of 7.2 percent, adjusted for discontinued publications. Although UBM did not shutter any print titles during the third quarter it has ceased publishing at least 15 magazines since September 2009.
Meanwhile, adjusted operating profit for its print magazines grew to about $5.6 million from $2 million last year.
In the statement, UBM says it will continue to actively manage its print portfolio. A UBM spokesperson did not immediately return a request seeking comment concerning the company’s future plans for the 24 print titles it added as a result of the Canon acquisition.
UBM also reported that year-to-date profits for its events unit are up more than 20 percent to roughly $94.2 million while its data service and online business saw profits slide 7.1 percent to about $32.7 million. Profits for its targeting, distribution and monitoring business stayed flat at about $49.1 million.
Overall, UBM’s total adjusted operating profits through the first nine months grew 8 percent to $172.5 million.