Interactive World Buys Sports Media Group For $100 Million

Mobile adult content group Interactive World has closed a deal to buy tabloid paper group Sport Media Group in a deal worth about 50 million pounds (US$100 million). Interactive World is funding the deal through a conditional placing of around 58.27 million shares at 75p each, raising 43.7 million pounds (US$87.6 million). This is less than the 60 million pounds that was mooted at the end of June. Media Bulletin notes that David Sullivan (who also owns Birmingham City football club) was the owner of the papers, and also a part owner in Interactive World…all up he’ll pocket 40 million pounds (US$80 million) from the deal. Interactive World will change its name to Sports Media Group. The newspapers (which have seen circulation drop from 600,000 a week upon launch in 1986 to just below 100,000 a week now) already has deals with Interactive World for content, and is “well-known for pictures of semi-naked women”.

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