Luxury magazine reveals £5 million deal to buy the Edinburgh luxury magazine
A deal to acquire luxury magazine Edinburgh luxury has been announced by a group of investors including American investment firm Liberty Media, with the magazine already owned by the London-based publishing house Liberty.
A deal to purchase the Edinburgh-based magazine Edinburgh Luxury has been signed by Liberty Media to acquire the magazine, it has been revealed.
It comes as Liberty Media is exploring a new partnership with the British-based publisher of luxury magazines and travel guides to launch a new website, it was reported.
The deal will see Liberty Media buy the UK-based publication, which currently publishes Travel Guide UK, the UK’s largest travel guide publisher.
The company is expected to make a profit of more than £5m from the transaction, which it expects to close in the first half of 2020.
It is unclear how much of the company’s $3.5bn valuation Liberty Media will get from the deal, which is likely to be announced in the second half of this year.
The investment comes at a time when the company is struggling financially as the price of its shares has risen sharply, to the point where it has seen a reduction in its dividend payments.
“We are delighted to partner with Liberty Media and are very proud of our ownership of the Edinburgh Luxurite and are proud of the role it plays in providing the best in luxury travel advice,” said James Pugh, managing director of Liberty Media’s US division.
The Edinburgh Luxuries will be the companys flagship magazine, covering luxury, luxury travel and lifestyle, and its staff will report directly to Pugh.
“The Edinburgh travel and luxury industry has had a very difficult time, but we believe in the success of the business and its ability to serve the travelling public, we are excited to be able to share this opportunity with Liberty,” he added.
Liberty Media previously published the travel guides The Adventures of Baroness Beezelles, The King’s Travel Guide and The Princess Bride.
The magazine was launched in 2009 by Pugh and his wife, journalist Lisa Pugh Pugh-Pugh, as the UKs first female travel guide.
It has a circulation of more then 100,000 and has been described by its publisher as the most important travel guide in the world, and has helped pave the way for other women’s travel guides, such as The Spice Girls, to break into the US market.
It was also recently launched by an American venture capital firm, which bought it for $1.9bn in December last year.
Last year, the magazine was described by Priti Patel, the United States Secretary of Commerce, as “the largest travel and travel information company in the United Kingdom”.
Priti also said the UK was the most-read destination for women on the internet and that Edinburgh Luxure had been one of the best-performing travel guides in the UK.