World Publications signs on new investor
WINTER PARK, Fla. – World Publications has formed a partnership with the Bonnier Magazine Group that it expects will fuel an aggressive growth plan, announced World Publications CEO Terry Snow in a statement yesterday.
The publishing firm said the partnership will allow it to become “a substantial player in the U.S. publishing market.”
World has sold a major stake in the company to Bonnier, a family-owned, Swedish-based media group that is comprised of newspapers, magazines, books and entertainment properties. This is Bonnier’s first major foray into the U.S. magazine field. World owns several marine magazines including Boating Life, Power Cruising, Cruising World, WaterSki and Sport Fishing
The deal provides World with the backing to fuel an aggressive growth plan that includes new acquisitions, brand extensions and growth of existing magazines. Revenue is targeted to reach $500 million over the next decade, it reported.
Bonnier’s partnership replaces private equity firm Boston Ventures’ minority investment in World.
“Boston Ventures’ support and backing has enabled us to more than double the size of our company,” said Snow, who founded World in 1978. “We now have a strategic partner in Bonnier to take us to the next level in publishing.”
The agreement includes the opportunity for Bonnier Magazine Group to increase its ownership stake in World over time.
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