B2B publisher Cirrus Media has quietly offloaded another of its assets yesterday, Medical Media, bringing the tally of disposal events since John King took over as CEO in July 2014 to six.
It has sold its Media and Travel group to the Misfits Media Company, Lawyers Weekly to Sterling Media, Hospitality Magazine and Directory to Intermedia, Hotfrog to Yodel, its whole industrial portfolio of magazines and directories, including Ferret, to Prime Creative Media, and now, Medical Media to a group called Medical Channel.
Notably the announcement from Medical Channel, mentioned nothing from Cirrus Media, and Cirrus itself has not gone public on the disposal.
The disposal signals a slight change in the Cirrus strategy of selling off non-core assets, as Medical Media is a key piece of its highly profitable healthcare division, a digital business unit which provided information live onto the screens in the back rooms of GP offices. Until now, Cirrus had been selling anything it could which didn’t seem core to what CEO John King has said are his key assets of Healthcare and Financial Services.
King did say in an interview recently however that”‘everything was for sale” at the right price.
Medical Media might have been the right price for Cirrus and just too tempting. Market rumours have the sale price to Medical Channel of between $1.5m and $2m. If that is true, then it is likely that Cirrus has made a reasonable return on Medical Media. Revenues of the business are believed to have only been in the realm of $500-$600k.
But it does beg the question, is Cirrus now prepared to sell off its crown jewel, its healthcare group, piecemeal, like the rest of the company?
For Medical Channel it may well have been worth it from a strategic point of view. This business has up to 800 screens complete with wifi infrastructure in the waiting rooms of GP surgeries already so the addition of 700 or so screens on the other side of the fence – inside GP tea rooms essentially – could be a powerful synergy for that business.
Freedom Foods and 72andSunny Sydney have launched the first advertising campaign for Australia’s Own range of plant-based beverages. The campaign introduces a new visual world and identity for the brand and captures the healthy, positive feeling you get when spending time in nature and when consuming Australia’s Own certified-organic, plant-based beverages. As well as featuring […]
Nine creatives from APAC are among the 94 finalists from 27 countries in The One Club for Creativity’s prestigious Young Guns 19 competition, celebrating international creative professionals age 30 or younger. The finalists from APAC are: Hiu Ching Kung, graphic designer, Hong Kong Lam Ieong Kun, graphic designer, illustrator, indego design, Macau Raxenne Maniquiz, graphic designer, illustrator, Santa Maria (Philippines) Kiyotaka […]
OOH transit company Adflow has announced the success of the first phase of its regional expansion program. Adflow’s regional footprint has increased by 60 per cent to now include 65 regional locations. With 9.1 million people living regionally in Australia (growth of 1.1 per cent experienced in the 19/20 Financial year) and most regional centres […]
Freshworks, a leading software company, has started trading on the Nasdaq Global Select Market, marking an important milestone for the company. The company priced its IPO at US$36 per share (AU$49.76), raising about US$1 billion (AU$1.4B), resulting in a total market capitalisation of AU$13.7 billion (US$10B). Freshworks, which was founded in India, has strong roots […]
Black Friday Cyber Monday (BFCM) is the biggest player in the holiday shopping game and Google’s most recent research suggests consumer interest for the peak sales season starts much earlier than retailers may realise. The pandemic has fundamentally changed buyer behaviour over peak sales season, with Google suggesting that global consumer interest in Black Friday […]