Daily Mail owner acquires New Scientist
The publisher of the Daily Mail has bought the New Scientist, one of the world’s leading science magazines, in a £70m deal, reports the Financial Times.
The London-based title has a weekly circulation of approximately 120,000 copies with readers based in the UK, U.S., and Australia. The magazine generates about three-quarters of its revenue from subscriptions and is expected to generate operating profits of about £7m this year on sales exceeding £20m.
Additionally, the plan is also to expand the magazine’s online presence and its events arm, whose projects include the annual New Scientist Live festival.
The purchase “reflects our disciplined approach to acquisitions,” said chief executive Paul Zwillenberg, adding that it was a “natural step in our consumer strategy to improve the quality of our revenues through building up subscriptions and digital capabilities.”