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Future Publishing sells New York division for $3m

Proceeds will go towards restructuring US business, paying off debts

Media firm Future Publishing has sold its New York division to NewBay Media for $3 million.

Proceeds will go towards restructuring the rest of the US business and reducing debt - the division ended the last financial year with sales of £8.5 million and a loss of £3.8 million

The company's New York business is responsible for music titles such as Guitar World and Revolver as well as the Golden Gods Awards show in the US.

The publisher of games magazines such as Edge and PC Format said last year it was considering a sale of its US business which has underperformed despite efforts to push into digital markets.

"The sale represents a big step forward in our strategy to streamline our US business and return it to profitability by 2013," said Mark Wood, CEO.

"The merger of our mainstream US operations and our UK business is on track, and we are making good progress in reducing costs."

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