Highbury sold to Future for £96.5m

Future, the specialist consumer magazine publisher, is buying its rival Highbury House Communications, in a deal worth £96.5 million.

The deal will see Future become the third-biggest consumer magazine publisher in terms of retail sales, behind IPC Media and Emap but overtaking BBC magazines and H Bauer.

Future, which publishes Total Film, PlayStation2 and United, will take on Highbury magazines including Front, Fast Car and Real Homes. The publisher expects the acquisition to lead to savings of around £4.5 million from better supply terms and cost cuts.

The deal allows Highbury shareholders to claim ten shares in Future in exchange for 83.25 Highbury shares. They can also take a cash alternative of ten pence per share, for some or all of their shares, up to £10 million.