Cirrus Media has entered into a binding agreement for the sale of B&T and Travel Weekly Australia to the existing Management team lead by David Hovenden and Dan Uglow for an undisclosed amount.
The sale will include all associated Media and Travel products and services.
John King CEO Cirrus Media said: “As part of a recent strategic review designed to simplify and focus our business, we have decided to sell our Media / Travel assets to existing management. This provides certainty and continuity for our customers and people. The team are very committed and have done a great job in repositioning the business. They have plenty of momentum and we wish them every success in the future.”
“Dan and I are excited to be the new owners and to keep the whole team together,” said David Hovenden, editor-in-chief of B&T and CEO of the newly formed company The Misfits Media Company Pty Ltd.
“We have a passion for the business and strong conviction about the future. We back ourselves and have the belief to put our money where our mouths are.”
Also commenting on the acquisition senior vice president of The Misfits and editor-in-chief of Travel Weekly, Dan Uglow said: “I am thrilled at having the opportunity to continue to evolve and grow these two businesses that have formed such a large part of our and our team’s lives over the years.”