Moneywise Publishing has acquired monthly consumer finance magazine Money Observer from Guardian News and Media after GNM said the title no longer fitted with its core strategy.
Money Publishing is part of Capital Accumulation Limited (CAL), and the purchase is a part of CAL’s strategy to provide a range of print and digital consumer financial services.
Colin Hughes, managing director of Guardian Professional, said: “GNM concluded last year that the title no longer fitted with the group’s core strategy for the future. We believe that the positioning of Money Observer alongside Moneywise and Interactive Investor will benefit the magazine and its readers.”
CAL also owns investment website Interactive Investor, Moneywise.co.uk and Moneywise TV and video service iBall.
Money Observer, founded 28 years ago, reported a monthly circulation of 23,827 for 2007, down slightly from 24,064 for 2006.
Andrew Pitts, editor of Money Observer, will be joining CAL and said he is looking forward to working with his new employer.
“It’s exciting to be taking Money Observer forward within a group that is taking pioneering steps in online publishing. I’m impressed by the recent launch of the broadcast coverage delivered by Moneywise TV and iBall and look forward to seeing how we can use this technology to the benefit of Money Observer readers in the future. “
Tomas Carruthers, chief executive of CAL. said: “I’m delighted that we have been able to secure this deal. Money Observer is a product that I have always admired. Money Observer’s acknowledged strength among funds investors complements the comprehensive personal finance coverage provided by Moneywise. It also supplements the information and services we deliver to active stock market investors through Interactive Investor.”