Future sells New York music division for $3m

Future recently reported a massive pre-tax loss largely caused by the poor performance of its US div

Future Publishing has sold its New York music division, which includes the Guitar World, Revolver and Guitar Aficionado magazines, to NewBay Media for $3m (£1.9m).

The company said its decision was consistent with its strategy to reduce the scale of exposure to the US.

Future recently reported a pre-tax loss of £18m in the last financial year - largely caused by the poor performance of its US division which suffered £3.6m losses and a 16 per cent slump in turnover.

Read more at the Press Gazette