Daily Mail owner snaps up New Scientist, seeking sustainable revenues

The owner of the UK’s Daily Mail newspaper has bought New Scientist, one of the world’s most prestigious science and tech magazines, for £70m as it looks for sustainable growth through events and subscriptions.

The move by Daily Mail and General Trust (DMGT) comes as it continues to restructure its business, which is a mix of news titles, events and data businesses. As with other publishers, DMGT’s advertising revenue has been hit hard during the pandemic, with pre-tax profits down by more than a third. 

The context

• London-based New Scientist relies heavily on subscriptions rather than advertising – around 75% of its revenue is derived from subs. It has a weekly circulation of around 120,000.
• The title is forecast to generate profits of around £7m this year on sales of over £20m.
• Around 50% of readers are in the UK, with most of the rest in Australia and the US.

Key takeway

DMGT sees growth in New Scientist’s online offering as well as its events business, which includes the highly successful annual New Scientist Live festival that attracts tens of thousands of science fans.

Sourced from the Financial Times