Hot on the heels of the revelation that investment bank Goldman Sachs is considering investments of over $1 billion in the US magazine industry [WAMN: 19-Feb-02], reports suggest it may be considering similar moves in the UK.
The bank is thought to be planning a series of acquisitions of small operators to create a publishing giant. Some £700 million, it is believed, has been assigned to such purchases, with up to £3bn on offer if other banks get in on the act.
Sachs is also thought to have contacted a number of senior publishing executives about heading the unit, including Don Logan (ceo, Time Inc), Cathleen Black (president, Hearst Magazines) and Steve Florio (ceo, Condé Nast).
The group is said to be convinced that magazine giants such as Emap and IPC Media are susceptible to competition in the current weak media market.
Investment titles are tipped to be high on Sachs’ wishlist, while more mainstream players with strongly defined identities are also thought to be under consideration.
Data sourced from: BrandRepublic (UK); additional content by WARC staff