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LONDON (Alliance News) - Worthington Group PLC Monday said it has acquired a digital media, events and branding portfolio, and has formed a new subsidiary to hold the investments and further media acquisitions as the group looks to expand its portfolio.
The company said it has bought initial assets including The Digital Marketing Show, The Great British Entrepreneurs Awards, and The Digital Marketing Magazine.
The company said the portfolio of media assets are expected to generate net profit of USD1.5 million in 2015 having already generated USD345,000 in the six months to end of June 2014, with further substantial growth in 2016 forecast.
The portfolio has offices supplemented by associates in the UK and in Russia, Turkey, Central Europe, Australia and the USA.
Upon completion of the transaction, which is subject to shareholders' approval, the unnamed vendors will be issued with 2.5 million Worthington shares.
Worthington Group shares were quoted up 63% at 198.80 pence Monday afternoon.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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