Independent publisher Intent Media has purchased the U.K. entertainment and technology portfolio of global business media company UBM, including British music trade publication Music Week.
The £2.4m ($3.8m) deal was announced today, subject to completion of the consultation process, which is expected to take six weeks.
Alongside Music Week, trade titles acquired by Intent Media include Television Broadcast Europe, Pro Sound News Europe and Installation Europe, plus additional websites, newsletters, conferences and spin off events, including the annual Music Week Awards.
Last year this portfolio generated £5.4m ($8.6m) of revenue, according to a statement released by Intent Media and UBM.
Intent Media, which is based in Hertford, England, specializes in print and digital business publications within the entertainment and leisure sector. Its roster includes MCV: The Market for Home Computing & Video Games, ToyNews and Mobile Entertainment, among other titles.
The company is due to open an additional office in central London later this year. Following today’s acquisition, total staff across Intent Media will climb to approx 90 with up to 36 former UBM staff required to transfer within the group. The company projects combined revenues of more than £10m ($16m) for the financial year ending September 30 2012.
“This is a significant move for Intent, essentially doubling the size of the company,” said Intent Media managing director Stuart Dinsey in a statement.
“Intent has become the UK’s leading business media player in entertainment and technology. We are very excited to have added these new brands,” he went on to say. “Our policy of investment in online and events will continue, whilst ensuring longevity where possible for the core print titles.”