Future Publishing Ltd. has sold its New York operation to NewBay Media, LLC, in a deal worth $3 million (£1.9 million). NewBay, owned by the Wicks Group, LLC, will front an initial $2.6 million in cash, followed by $150,000 in cash on Sept. 30 and the final $250,000 (cash) in 3Q 2012 "based on the achievement of certain operational targets."
As of Sept. 30, 2011, Future says the New York division's revenue and pre-tax loss were £8.5 million ($13 million) and £3.8 million ($5.8 million), respectively. At this same time, the division had gross assets of £1.8 million ($2.75 million).
Future's New York office functions as the company's music division; the sale includes magazines Guitar World, Revolver, and Guitar Aficionado, the related websites, as well as a license to operate the Golden Gods Awards show. NewBay publishes and produces over 40 publications and show dailies, 50 websites, 30 daily and weekly enewsletters, three expos, and over 50 custom publishing efforts annually.