LONDON – Listings magazine Radio Timeshas been sold to a private equity firm after the BBC's commercial arm struck two deals worth £121 million (€131 million).
Exponent, which owns rail booking website thetrainline.com, has bought the 88-year-old TV listings guide and 10 other non-BBC branded titles yesterday, including Oliveand Gardens Illustrated.
It will be the first time that the Radio Times, which started in 1923, has left the corporation's control since the broadcaster took editorial charge of it two years later.
The deal will see BBC Worldwide retain ownership of other titles such as Top Gear, Good Foodand Lonely Planet, which Exponent will publish under contract.
Other BBC-branded titles, such as Wildlifeand Gardeners' World, will also be published under licence.
In a separate deal, BBC Worldwide also agreed the sale of its 50 per cent stake in Worldwide Media, a publishing joint-venture in India, to Bennett, Coleman Co, which owns the Times of India.
The deals have been approved by the BBC Trust and are expected to complete in the autumn, if they are given approval by the Office of Fair Trading.
Most of the proceeds from the sale will go back to the broadcaster, helping it invest in content at a time when its licence fee has been frozen.
The majority of BBC Magazines’ staff and operations are expected to transfer to the new company.
The magazines division was put up for sale in September as part of the corporation’s plans to focus more on digital media.
It is understood that several parties, including Bauer, which owns Heat, Closerand FHM, walked away from the sales process after it emerged that the corporation wanted to retain ownership of some of its most popular titles. It selected Exponent as a preferred bidder in May.
Exponent recently paid £205 million to acquire meat-free brand Quorn from Mr Kipling-maker Premier Foods. – (PA)