Bloomsbury buys drama publisher Oberon

(Sharecast News) - Bloomsbury Publishing has acquired the entire issued share capital of London-based drama publisher Oberon, it announced on Tuesday.
The London-listed firm said the consideration was £1.2m, all of which was satisfied in cash at completion.

It said the business would operate within Bloomsbury's academic and professional division.

Oberon generated £1m of revenue in the year ended 31 December, with Bloomsbury explaining that there were opportunities for profit enhancements following the integration of the business.

The acquisition was expected to break even in its first year, before reorganisation and acquisition costs, then be earnings enhancing thereafter.

It would contribute around £0.1m of revenue to Bloomsbury in the year ending 28 February.

The board said the Oberon programme aligned "perfectly" with its existing publishing, while also strengthening its offerings in contemporary and cutting-edge theatre.

With the combined lists of Oberon, Methuen Drama and The Arden Shakespeare, Bloomsbury said it would now be "the leading publisher" in drama and the performing arts.

"We are delighted to become owners of the prestigious Oberon list," said Jonathan Glasspool, managing director of Bloomsbury's academic and professional division.

"The Oberon programme aligns very well with our existing publishing within Methuen Drama."

Glasspool said the Oberon list strengthened the company's offerings in contemporary theatre.

"With the combined lists of Oberon, Methuen Drama and The Arden Shakespeare, Bloomsbury is looking forward to developing and diversifying its position as the world's leading international publisher in drama and the performing arts."

Oberon's founder, James Hogan, added that after 32 years it was time to ensure that his company and its authors achieved a "secure, lively home" in the future.

"I'm truly delighted that Bloomsbury, the leaders in drama publishing, are taking over to carry on the good work.

"I've spent nearly half of my life building Oberon's list and supporting new writers."

Hogan said the firm grew out of his work in a reading group at Riverside Studios in the early 1980s.

"I had little idea then that Oberon would flourish and become a major new force in the business.

"It's been a fantastic job working with so many brilliant authors and agents for so long."

At 1504 GMT, shares in Bloomsbury Publishing were up 0.77% at 262p.