Magazine publisher Future has sold three of its audio visual titles to special interest publishers MyHobbyStore.
The move comes after the company’s restructuring announcement in July and sees Hi-Fi Choice, What Satellite & Digital TV and Home Cinema Choice sold off with immediate effect.
No jobs have been lost a result of the move and all staff have been transferred to MyHobbyStore – whose other publications include Model Engineer, Model Boats and Popular Patchwork – with immediate effect.
In a release MyHobbyStore chief executive Owen Davies said: ‘The acquisition of these three magazines, joining Hi-Fi News, creates a strong group of titles with shared values in the specialist consumer electronics sector.
‘We have exciting plans to develop this new group both in print and in the digital space and we are delighted to welcome the new staff to our business.’
Future Publishing chief executive Mark Wood said: ‘MyHobbyStore is the ideal home for these three specialist audio visual titles. I would like to thank the teams on the brands for all their hard work and commitment, particularly over the last few months. I wish them all the best in the future.”
Earlier this month the company said it was expecting to report a 6 per cent drop in turnover during the 12 months to 30 September but an improved performance in the UK, where turnover was down an estimated 2 per cent compared with a 3 per cent six months ago.
In July Future also announced it was cutting 10 per cent of its workforce in a company-wide restructure.