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Sport Newspapers agrees £50m reverse takeover |
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Friday, 10 August 2007 |
Sport Newspapers, publisher of the Daily and Sunday Sport and 50 % owned by David Sullivan is being acquired in a reverse takeover by AIM listed Interactive World.
Sullivan already owns just under 50% of Interactive World which supplies adult content via mobiles and the internet to a number of companies including the Sport itself. To help spread the equity base - and realise a profit - Sullivan is selling his stake for £14.5m.
 Sullivan
Interactive World’s latest reported figures showed a profit of over £4m.
As reported in a How-Do interview with the editor of the Sunday Sport recently , in advance of the paper’s relaunch in September, there is an increasing emphasis on connecting print and digital opportunities which are more advanced in their development at the paper than they are elsewhere in the newspaper publishing industry.
Andrew Fickling, managing director of Sport Newspapers said a strengthened relationship with Interactive was a "natural choice", enabling the group to grow in the online and mobile content markets and "greatly improve" its offering to readers.
The Sunday paper was selling 350,000 copies ten years ago and 200,000 copies six years ago but is now selling under 100,000 copies a week.
Sport Newspapers was set up in 1986 by Sullivan and David and Ralph Gold, owners of the high street sex shop chain Ann Summers. The Gold brothers own 50% of the company’s shares.
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