The owner of the Daily Mail has bought the magazine New Scientist for £70m.
Daily Mail and General Trust (DMGT), which also owns MailOnline, the Mail On Sunday and Metro papers, and an events business, said it had acquired the title from a consortium of investors.
Founded in 1956, the London-based New Scientist describes itself as the world’s most popular weekly science and technology magazine.
DMGT chairman Lord Rothermere said the company was proud to acquire the title
The publication has a “large and growing international readership” with a weekly circulation of 120,000, half of them in the UK, DMGT said.
New Scientist is expected to generate profits of £7m on revenues of more than £20m this year.
DMGT chairman Lord Rothermere said: “New Scientist is a world-renowned publication loved by its readers, and we are both thrilled and proud to welcome it to the DMGT family.”
Paul Zwillenberg, DMGT’s chief executive, said: “We are committed to supporting the talented team and their plans for the future and are confident that the business is well positioned for future growth.”
The publisher is acquiring the title from investors led by former Ministry of Defence adviser Sir Bernard Gray, who had acquired it from publishing giant Reed Business Information in 2017.
DMGT’s investments outside its main publishing brands include a 45% stake in estate agency Yopa and a 22% chunk of online car retailer Cazoo.
DMGT owns a big stake in Cazoo
It recently saw shares surge after Sky News revealed that Cazoo was plotting a stock market flotation valuing it at more than £5bn.