Hollick buys US publisher for $4m

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The Independent Online
UNITED NEWS & MEDIA, the television broadcaster, publisher and business services group, is to announce this morning the $4.0m purchase of the privately owned US firm MP&A Editorial.

MP&A publishes magazines about car stereos and professional sound systems and the deal will further United's expansion into the US market, following the $900m takeover of CMP, a trade magazine publisher, earlier this year.

United has been buying companies to strengthen its trade show and magazine business in areas like technology and healthcare. The company, which publishes the Express and Daily Star newspapers and is headed by Lord Hollick, has increasingly sought to expand into business-to-business publishing.

A spokesman said MP&A will help build on the position of United's New York-based unit, Miller Freeman, as one of the top publishers of professional audio, video and broadcast production magazines. United's strength in that sector could also yield Internet publishing opportunities.

Martin Porter, MP&A's founder, will join the executive team of Miller Freeman as senior vice president and publishing director. MP&A will become an operating unit of Miller Freeman and will provide marketing and trade show support to its other magazines, expositions and conferences.

United will pay $2.25m in cash and a further $1.75m based on future earnings.United News shares closed down 3p at 623p yesterday.