Reed Business Information has sold its Cosmetics News Weekly title to rival Communications International Group for an undisclosed sum.
London-based CIG, publisher of the Cosmetics International news service, has increased its hold on the beauty trade by taking on the subscription-based newsletter and its website Cosmeticnews.com.
Reed Business Information, which ran the title aimed at executives in the cosmetics industry through its French division, wrote to its subscribers on Friday telling them of the change of ownership.
It wrote: “RBI has decided to restructure its cosmetics editorial offer and announces you [sic] the sale of Cosmetic News weekly to Communications International Group.”
The first edition of Cosmetics News Weekly to be published under its new ownership was produced yesterday.
Felim O’Brien, chief executive of CIG, told Press Gazette the purchase of the title would enable the company to grow its beauty sector portfolio; it previously had three beauty trade titles, alongside its UK pharmacy and healthcare titles.
He said purchase of the international newsletter, for which subscription costs in the region of £1,100 a year, would increase the number of countries CIG beauty titles are distributed from 54 to around 70.
O’Brien said CIG did not intend to merge the Cosmetics International news service and Cosmetics News Weekly titles however one editorial team would work for both titles.
He said: “This is a crucial purchase for us because it strengthens our position in this important area and gives us the opportunity to expand still further our coverage of the international beauty markets.
He added: “We will take on all the existing freelancers globally, so we will be around 40 correspondents in 30 countries.”
In 2008, plans to sell off RBI – which in the UK publishes titles such as Farmer’s Weekly, Estates Gazette and New Scientist – were abandoned after the estimated bid price for the business dropped from £1.3bnn to £650m.
The last year has seen restructuring in Reed’s Sutton-based RBI business information and magazines business.
In July, 2009, it sold its travel portfolio – including Travel Weekly magazine – to the entrepreneur behind Holiday Autos Clive Jacobs.
And in November it closed 130 year-old weekly magazine for the construction industry, Contract Journal.
Earlier this month, RBI’s parent company Reed Elsevier revealed it was selling off its US trade magazines business belonging RBI in a piecemeal fashion.
RBI had not returned a request for comment at the time of publication.