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³ÉÈË¿ìÊÖ Worldwide, the commercial arm of the ³ÉÈË¿ìÊÖ and a wholly owned subsidiary, announces that completion of its previously announced sale of ³ÉÈË¿ìÊÖ 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 ³ÉÈË¿ìÊÖ 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 ³ÉÈË¿ìÊÖ 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 £121 million, which will be returned to the ³ÉÈË¿ìÊÖ.

John Smith, Chief Executive, ³ÉÈË¿ìÊÖ Worldwide, said: "With completion imminent, I would like to acknowledge, with gratitude, everything that has been achieved in ³ÉÈË¿ìÊÖ 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-³ÉÈË¿ìÊÖ branded magazines in full along with rights to publish ³ÉÈË¿ìÊÖ branded titles under licensing and contract publishing arrangements was announced on 16 August 2011 following ³ÉÈË¿ìÊÖ Trust approval. Read the press release.

Further details of the new publishing company to be created following Exponent's acquisition of ³ÉÈË¿ìÊÖ magazine titles can be found on the .

Charlotte Elston/Lucy Philippson