Future Publishing sells New York operation for $3m

Posted: Thursday, 19 January 2012 - 11:40am

Future Publishing has sold off its loss-making New York operation – home to magazines including Guitar World, Revolver and Guitar Aficionado – in a deal worth $3m (£1.9m).

Future, which is aiming to reduce its exposure in the US after the division slumped to a $5.6m loss last year, has sold the New York operation to NewBay Media.

NewBay, which is headquartered in New York and owned by private equity firm the Wicks Group, owns dozens of magazines, websites and several national events serving the music and broadcast industry.