Future sells cycling and craft magazines for £24m

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Magazine publisher Future today said it has agreed the £24 million sale of a raft of sport and craft titles, including Mountain Biking UK and Simply Knitting.

The group’s chief executive, Zillah Byng-Maddick, said the sale to Radio Times owner Immediate Media, was part of Future’s strategy to focus on the consumer technology market.

She added: “The disposal titles are well managed and successful parts of the business and they will thrive under their new ownership.”

Given the size of the disposal, Future will need approval from more than half its shareholders. They will also be asked to approve the group’s plans to move from a premium listing on the London market to a standard listing in a bid to reduce costs.