Sanoma agrees sale of 19 car, bike and royalty magazines

Publishing company Sanoma has reached agreement on selling 19 magazine titles to a newly-created company named New Skool Media.

Among the magazines which Sanoma is selling off are Home and Garden, Seasons, various car and bike publications and the royalty magazine Vorsten.

Financial details were not disclosed but the titles New Skool Media is buying had combined turnover of €38m, the NRC says. New Skool Media, which was launched in May according to Chamber of Commerce documents, will also take over 93 Sanoma members of staff.

Job losses

Sanoma said in October it planned to reorganise its magazine operations and put 32 magazines up for sale. Total job losses would amount to 500, the company said.

Buyers have not yet been found for seven titles, including popular news magazines Panorama and Nieuwe Revu, as well as Playboy. Those negotiations are ongoing, Sanoma said.

Sanoma, which is Finnish, posted a €332m loss last year. In a statement, the company said it ‘will focus on 17 strong magazine brands and their extensions and specials, growing them in digital media, with e-commerce and events and by cooperating closely with the SBS TV channels.’