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300.00 10.20 (3.52%)

Bid:

301.20

Ask:

302.20

Spread: 1.00 (0.332%)

Market Cap: £268.82m

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Future CEO looking to sell B2B operations - report

Wed, 30th Aug 2023 13:05

(Sharecast News) - Future shares surged on Wednesday following a report the media group's new chief executive is looking to sever ties with its business-to-business operations.

According to Sky News, Jon Steinberg - who took over as CEO in April - has hired investment bankers to explore a disposal of assets including SmartBrief, a digital newsletter provider which serves millions of corporate executives.

City sources told Sky that Future had hired media-focused advisory firm JEGI Clarity to gauge interest from potential bidders.

One source said the sale process would encompass the majority, if not all, of Future's B2B operations, reflecting Steinberg's intention to refocus the company on its consumer-facing brands.

Its other B2B assets include IT Pro, Music Week, the Technology Leaders Summit and TV Tech, which targets broadcast and media production professionals.

Sky said the value of SmartBrief is unclear, including whether Future hoped to secure a significant premium to the $45m it paid to acquire the business in 2019.

At 1310 BST, the shares were up 5.1% at 788.00p.