Future plc has announced the completion of its acquisition of TI Media, which was announced on 30 October 2019 and was conditional upon clearance from the Competition and Markets Authority. On 16 March 2020, it was announced that the CMA had found that the purchase of TI media did not raise competition concerns, subject to the scale of three closely competing projects: World Soccer, Amateur Photographer and the technology website Trustedreviews.com. Future plc has agreed on the sales of World Soccer and Amateur Photographer to Kelsey Media, and Trusted Reviews to Incisive Media. 

TI Media is a UK-based, print-led consumer magazine and digital publisher with deep industry heritage and a portfolio that incorporates 38 brands including Country Life, Homes&Gardens and Woman & Home. 

The acquisition of TI Media gives Future a presence in the wine, golf, equestrian, country living, TV listings, women’s lifestyle and gardening verticals. It now owns more than 220 brands globally.

Coronavirus impact

In a statement, Future plc said: "High street store closures have impacted magazine sales. Whilst we expect a significant reduction in sales in the coming months, our digital copies and subscriptions are performing well."

However, Future has carried out a number of cost-saving measures including the reduction in supply of magazines to retail outlets, the acceleration fo the closure of a number of marginal magazine titles, a reduction in the variable costs associated with events, a 25% reduction in discretionary costs, and some salary savings, including the furlough of some staff in impacted areas. The senior management team and Board have also taken a 20% reduction in salary from March.

At TI Media, some staff have been furloughed and some roles closed, with graded salary cuts for those still working. TI Media is also producing smaller print runs to reduce the supply of magazines.