IFG buys Viz publisher

May 25, 2001
Web posted at: 1059 GMT

LONDON (CNN) -- UK publisher I Feel Good Holdings agreed to buy John Brown Publishing, the publisher of politically incorrect Viz magazine. 

IFG, run by unconventional UK media moguls James Brown and Felix Dennis, plans to pay 6.4 million ($9 million) for three magazines, including Bizzare and Fortean Times.

Viz, famous for its comic strip characters, such as Roger Mellie and Sid the Sexist, grew from humble beginnings in a Newcastle pub, sold more than 1  million copies during it heyday in the 1980s and 1990s.

The comic's sales have plummet to 200,768 but still ranks as the fifth- largest title behind FHM, Loaded, Maxim and Men's Health.

The UK's magazine industry published the highest number of magazine titles in Europe.

There are currently over 3,200 consumer titles published in the UK, with a total annual circulation of 1.3 billion copies, generating sales of £1.7 billion and total advertising revenue of £700 million.

IFG, which produces Hotdog magazine aimed at men interested in movies and the movie industry, hopes to take a bigger slice of the Men's lifestyle sector with this acquisition.

James Brown, Chief Executive of IFG, has been credited with creating the lads' magazine concept. He revamped British GQ, increasing sales by 20 percent, after launching the original lads' magazine Loaded in 1994.

As a consultant to Viz for six months in 1999, sales rose 15 percent to 260,636.

Chairman Felix Dennis, the brains behind Maxim and Auto Express, said:

"Revenues and profits generated from the new titles will give the company a basis from which to launch further magazine titles and websites and acquire further businesses."

IFG is to sell 31.6 million shares valued at £7.3 million ($10.4 billion) to acquire the magazines and fund growth.

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