Nordic Business Report-May 23, 2006-Bonnier AB acquires 50% of US magazine publisher World Publications LLC
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The Swedish media group Bonnier AB announced on Monday (22 May) that its magazines unit Bonnier Magazine Group has agreed to acquire 50% of the share capital of US magazine publisher World Publications LLC.
Under the agreement Bonnier Magazine Group can also choose to increase its holding over time.
World Publications, based in Orlando, Florida, publishes more than 20 magazines. It has 360 employees and sales of USD90m.
"We have a strong position in Scandinavia and have been looking for an opportunity to establish a presence in the US market," said Jonas Bonnier, vice executive president of Bonnier AB and president of Bonnier Magazine Group.
"The high quality of the magazines, the growth opportunities in the US and the significant synergy potential were instrumental to this decision," Bonnier added.
The financial details of the deal were not disclosed.
One US dollar (USD) is worth approximately 0.56 British pounds (GBP).
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