UBM divests Property Week
London—UBM announced it has agreed to sell its U.K.-based Property Week print magazine and related products to Metropolis International.
Although UBM did not reveal specific financial terms of the Property Week deal, it did say in a statement that the combined cash proceeds from the Property Week sale and the recent divestiture of the Framingham, Mass.-based channel business—now called the Channel Company—totaled $13.75 million.
UBM also said it retained 30% minority equity interest in Channel Company.
Metropolis International, based in Croydon, England, is a b-to-b and b-to-c media company with 240 employees. Property Week's 35 staff members will join Metropolis following completion of the sale, the company said in the statement.