IPC, Britain’s largest magazine publisher, appears to have
abandoned plans for a stock market flotation, opting instead for a rapid
Cinven, the venture capital fund that backed IPC’s buyout two and a half
years ago, is believed to want to recoup its investment in the company
at a time when new-media operations are eager to obtain content
Last year IPC’s operating profits dipped for the second year in a row,
dropping by 3.1 per cent to pounds 65.6 million.
The company is reported to be in talks with Telewest and a number of
other possible buyers. A sale figure of up to pounds 1.5 billion has
Cinven is said to have already received a number of inquiries about the
business, with potential bidders including the German media group
Bertelsmann and the French publisher Hachette.
’I have no comment to make on the recent press speculation regarding the
future of IPC Magazines,’ the group chief executive, Sly Bailey,
’This Thursday sees the launch of Nova, our major new fashion brand and
as you can imagine we are fully focused on that.’
Telewest’s interest is thought to reflect the influence of its new chief
executive, Adam Singer who is a personal friend of the IPC chairman,
David Arculus. The two are thought to have discussed a deal.