Future buys MoneyWeek owner Dennis for £300 million

future acquires dennis - Mediashotz

Global media platform Future has acquired consumer publishing firm Dennis, which owns MoneyWeek, Minecraft World and PC Pro, in a deal valued at around £300 million.

Future acquires Dennis

Future, which owns a large stable of titles including everything from MarieClaire to TechRadar, said the acquisition would be immediately earnings enhancing and was funded through its existing debt arrangements.

The titles being acquired by Future are: The Week UK / The Week US, The Week Junior UK / The Week Junior US, MoneyWeek, Kiplinger, Science & Nature, IT Pro, Computer Active, PC Pro, Minecraft World, and Coach.

The media group said there were four titles it was not acquiring – Viz, Fortean Times, Cyclist and Expert Reviews – which will be retained by the Vendors.

London-listed Future said that Dennis demonstrated strong growth in its financial year to 31 December 2020, reporting revenue of £104.8m, up 12% on 2019, and adjusted EBITDA of £20.0m, up 14% on 2019. 

This growth, it said, has continued into 2021 with revenue growth of 16% in the twelve months ended June 2021. 

Dennis’ gross assets as at 30 June 2021 were £210m.

Expect ’synergies’

Future confirmed that it expects cost synergies of £5m per annum, to be achieved by FY2023.

Zillah Byng-Thorne, CEO of Future, said: “I am delighted to announce the acquisition of a high-quality portfolio of Dennis’ trusted brands that will accelerate our strategy, enhance our content capabilities and bring additional geographical and vertical revenue diversification, whilst materially increasing the proportion of recurring revenues across the Group.

“The materially earnings enhancing acquisition is highly complementary to our longstanding ‘US first’ mindset and provides an attractive opportunity to scale our recently created ‘Wealth’ vertical, whilst diversifying our presence in our ‘Knowledge’ and ‘B2B Pro Technology’ verticals.

“I look forward to welcoming our new colleagues to Future, and to continuing the successful execution of our strategy to generate long-term sustainable growth and attractive returns for our shareholders.”

James Tye, CEO of Dennis, said: “In the three years that the business has been owned by Exponent, Dennis has been on an incredible growth journey, delivering double digit increases in subscription revenues, a greatly increased US footprint; and significant bottom-line increases. 

“This is a testament to the talented team at Dennis who have helped make all of this happen.

“We look forward to working with the team at Future to continue growing the reach, influence and value of all our key brands and businesses.”

Future’s share price rose 5.8% to £39 on the London Stock Exchange on Monday morning.