Octomedia snaps up Cirrus Media’s Franchise Business
Cirrus Media has sold its franchise business sector, which includes the magazine Franchising Magazine, website Franchise Business and accompanying newsletter, to B2B specialist publisher Octomedia.
The sale of the title was flagged by Mumbrella earlier this month, with the sale coming as little surprise given Cirrus Media’s three-year strategy under private equity ownership to sell its titles gradually.
Franchise Business will now sit alongside Octomedia’s retails titles Inside Retail, Inside Small Business and Inside FMCG.
Octomedia CEO, Oliver Ranck, said: “This is an important step for Octomedia and will reinforce our position as one of Australia’s leading B2B publishers. Franchises employ nearly half-a-million people and contribute close to $150 billion to the Australian economy.
“It is a vital and vibrant sector of the retail industry and through this acquisition we aim to provide franchisees with the insights and news they require to succeed.
Tucker: May be facing an uncertain future following the sale and divestment of titles
“Many publishers are facing the squeeze of declining advertising budgets. Business publishing is a tricky business, and we’re proud to be leaders in digital, whilst still retaining and recognising the importance of print.
“We strongly believe that print is not dead, just that it has changed. We see a strong market for Franchise Business, our goal is to further expand the title abroad.”
Franchise Business will play a key role in Octomedia’s upcoming retail conference, Inside Retail Live, which will be held in March next year, by providing a voice for franchise retail at the three-day event.
Since Catalyst Investment Managers acquired what was then Reed Business Information Australia (RBIA) – Australia’s largest B2B publisher at the time – almost the entire portfolio has been sold, including Travel Weekly, B&T, Lawyers Weekly, Hospitality, and the industrial, mining, manufacturing and agricultural titles.
The publisher’s architecture, design and building division, which included the flagship title Architecture & Design online, became the latest asset to disappear from its portfolio when Cirrus completed a sale in June to Indesign Media Asia Pacific.
It is unclear what the sale of Franchise Business will mean for Billy Tucker, managing director of Cirrus Business Media, as he will have no publications to oversee, having managed the publications, directories and events in the franchising, architecture & design and mining & manufacturing sectors.
Cirrus Media have been approached for comment.
Miranda Ward worked for Mumbrella from 2013 to 2017, eventually becoming deputy editor. Miranda joined Mumbrella in September 2013 from Sky News.
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