Βι¶ΉΤΌΕΔ

Βι¶ΉΤΌΕΔ Worldwide, the commercial arm of the Βι¶ΉΤΌΕΔ and a wholly owned subsidiary, announces that completion of its previously announced sale of Βι¶ΉΤΌΕΔ Magazines' assets to Exponent Private Equity ("Exponent") is due to take place on 31 October 2011.

In addition to the outright sale of six magazine titles, a number of long-term publishing licences and contracts to publish a further four, the assets to be acquired by Exponent include Βι¶ΉΤΌΕΔ Magazines' shareholdings in two joint ventures – subscription fulfilment business Dovetail and distribution business Frontline – as well as its stake in Origin Publishing.

Completion follows regulatory clearance from the Office of Fair Trading obtained earlier this week.

Completion of the sale of Βι¶ΉΤΌΕΔ Worldwide's shareholding in Indian publishing joint venture, Worldwide Media, to fellow shareholder Bennett, Coleman & Co. Ltd took place last week. The two transactions will together generate cash proceeds of Β£121 million, which will be returned to the Βι¶ΉΤΌΕΔ.

John Smith, Chief Executive, Βι¶ΉΤΌΕΔ Worldwide, said: "With completion imminent, I would like to acknowledge, with gratitude, everything that has been achieved in Βι¶ΉΤΌΕΔ Magazines.

"Building on a heritage dating back to Radio Times' first edition in 1923, the titles remain synonymous with the highest quality journalism along with expertise in, and a passion for, their subject areas.

"We will retain a close link with the new owners following the transaction, which I believe offers the best prospects for the business in the future."

Notes to Editors

The agreement for Exponent Private Equity to acquire all non-Βι¶ΉΤΌΕΔ branded magazines in full along with rights to publish Βι¶ΉΤΌΕΔ branded titles under licensing and contract publishing arrangements was announced on 16 August 2011 following Βι¶ΉΤΌΕΔ Trust approval. Read the press release.

Further details of the new publishing company to be created following Exponent's acquisition of Βι¶ΉΤΌΕΔ magazine titles can be found on the .

Charlotte Elston/Lucy Philippson