Daily Mail owner snaps up ‘world-renowned’ New Scientist magazine in £70m deal
DMGT’s chairman Lord Rothermere said the company was thrilled to buy the title, which has a weekly circulation of 120,000.
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.
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.