French magazine giant close to signing Attic Futura deal

French magazine giant close to signing Attic Futura deal

Sugar: Attic sale is imminent

Attic Futura is tipped to announce its sale to French group Hachette Filipacchi in the coming week, after almost one and a half years on the market.

The company - which includes Sugar, TV Hits, B, Shine and All About Soap in its portfolio - confirmed today that a sale was imminent.

Attic's Australian owner, print group PMP, put its UKmagazine arm on the market in March 2001 with an asking price in the region of £60m.

It attracted interest from most major UK publishers, including IPC Media and the National Magazine Company, as well as interest from foreign parties, but closure on a deal has stalled.

The company confirmed it was still on the market at the end of last year despite a lack of interest. It is believed that the high price tag frightened off a number of UK contenders. IPC was believed to be one of the only remaining candidates but its buy-out by AOL Time Warner scuppered its plans.

PMP wants rid of the business to focus on its core printing and distribution activities.

A sell-off to Hachette would bring Attic under one of the largest publishing ventures in the world.

The publisher is number one in France and Spain and holds the number four position in the US.

Its interests expand across Asia and Europe and it has
previously worked with PMP as part of a joint venture for the production of the Australian edition of Elle magazine.