January 2009

3i to lose investment in VNU?

A report in The Times has suggested that 3i Group Plc is facing a possible creditor takeover of its VNU Business Media Europe asset as it is close to breaching its banking covenants. Unless 3i invests more money in the company it may have to allow creditors to take it in a debt-for-equity swap. 3i bought the company in 2006 for €320M.

Entertainment Rights woes continue

Financially troubled Entertainment Rights Plc, has been fined £245K by the Financial Services Authority for contravening the Disclosure and Transparency Rules between July and September 2008 and will not be appealing against the decision. Last month the company confirmed that it was in discussions with regard to a possible offer for the company.

Expomedia goes into Administration

International events specialist, Expomedia Group Plc is another victim of the current economic situation after going into Administration this month, however it has largely risen from the ashes by being swiftly bought and taken into private ownership by a number of the directors, full details given below.

Brooklands Group goes bust

Brooklands Group went into administration at the end of December 2008, and new companies are rising from the ashes. Brooklands Finance Director, James Moss and Freeform Productions, co-owner of the A Place In The Sun brand have formed a new company called APITS. Darren Styles, the former MD, has acquired the contract publishing and communications assets to form a new company called Stream Publishing. Other assets however are still looking for new homes.

Business Journals Inc buys Haberdashery Show

Business Journals Inc. has bought the New York Haberdashery Group, organiser of the Haberdashery tradeshow from founder Deborah Granger. No financial details of the transaction have been disclosed. Business Journals Inc. is the owner of MR Magazine (www.MRketplace.com).

Glam Media buys AdaptiveAds

Glam Media Inc. (www.GlamMedia.com) has bought AdaptiveAds, a display ad targeting and optimization company based in San Francisco and Mumbai, India. It will become part of Glam Evolution and Glam Media will open offices in Pune, India. No financial details of the transaction have been disclosed. AdaptiveAds, is a three year old start-up with VC backing from Draper Fisher Jurvetson among others, which has previously raised over $3M in funding.

Sale of Expomedia Assets to Expomedia Directors

The Administrators of Expomedia Group Plc has sold varous assets, including their associated debts totalling €13.1M, to CS Centralisation Services Ltd, a company incorporated in Cyprus. Total price paid for the assets is in excess of €300K inclusive of legal and professional costs. Mark Shashoua and Christopher Stainforth are Directors of CS Centralisation Services, both having been until recently directors of Expomedia Group. The Stancroft Trust Ltd which is a shareholder in Expomedia also holds a 32% stake in CS Centralisation Services, and Roger Shashoua a former director of Expomedia has provided debt finance to CS Centralisation Services. The assets sold include records, information technology, equipment, intellectual property and databases owned by Expomedia and shareholdings in the following subsidiaries; India International Expo XXI Pvt Ltd, Tafcon Expomedia International Pvt Ltd, Expomedia Events (UK) Ltd (including Mash Media Group Ltd), CEE Exhibitions Ltd (including Miedzynarowdowe Targi Warszawskie Sp. z.o.o. and OOO Central European Exhibitions) and Expo XXI Venue Management Ltd. For the year ending 31st December 2007, Expomedia had revenues of €15.3M and profit after tax of €325K, with net liabilities of €9.3M. CS Centralisation Services Ltd also has an option to purchase other Expomedia Group assets for up to a maximum of €700K.

HealthCentral buys Wellsphere

HealthCentral (www.HealthCentral.com) has bought Wellsphere (www.Wellsphere.com) a health technology company which aggregates over 1500 health and wellness blogs and operates a Health Knowledge Engine, which deciphers highly specific health information. No financial details of the transaction have been disclosed. HeathCentral Network is backed by IAC/InteractiveCorp, Polaris Ventures, Sequoia Capital, The Carlyle Group and Allen & Company.

MyThings buys ViewScore

Post purchase product information database holder, www.Mythings.com has bought product review aggregator www.ViewScore.com. No financial details of the transaction have been disclosed.

Mag Rack buys Concert.tv

Mag Rack Entertainment, (www.magrackentertainment.com), has bought video-on-demand TV network Concert.tv. No financial details of the transaction have been disclosed. Concert.tv had previously raised funding from Clydesdale Ventures.

OLM Group buys Keyways Publishing

Keyways Publishing (www.keywayspublishing.com) which serves the public sector including professionals in healthcare, policing, security, teaching, and the fire and rescue services, has been bought by OLM Group Ltd (www.olmgroup.com), a software provider to the healthcare sector. No financial details of the transaction have been disclosed.

Ethnic title rescued by Asian Media

Asian Media and Marketing Group has bought The Eastern Eye and its associated online assets (www.easterneyeonline.co.uk, www.jobsbuster.com), and Eastern Eye's Rich List Supplement,  from the Ethnic Media Group which has been placed in administration. Eastern Eye caters for the Indian, Pakistani, Sri Lankan and Bangladeshi communities. No financial details of the transaction have been disclosed. Ethnic Media's other title New Nation which serves the Afro-Caribbean market is still with the Administrators for disposal.

Russian deal for Evening Standard

Russian billionaire Alexander Lebedev has bought a 75.1% stake in the loss making London Evening Standard, from DMGT Plc subsidiary, Associated Newspapers, for a nominal sum thought to be £1.  Associated Newspapers will retain a 24.9% stake in the company but will have no seat on the board or any influence over editorial matters. Lebedev owns 49% of Russian newspaper Novaya Gazeta.

Elsevier buys William Andrew Inc.

Reed Elsevier subsidiary, STM publisher Elsevier has acquired the assets of US based applied science handbooks, references and database publisher William Andrew Inc.  Elsevier had been working with William Andrew Inc. previously in a distribution alliance for eighteen months. No financial details of the transaction have been disclosed.

More divestitures for Nexus

Nexus Business Media has made another divestiture selling Independent Retail News and Motor Trader and their associated websites and events to Metropolis International Group (www.metropolis.co.uk). No financial details of the transaction have been disclosed.

Endemol expansion in Oz

Subject to regulatory approval, Endemol is to expand in Australia through buying Southern Star Group from Fairfax media for £35.5M including a three year earn-out arrangement. The deal includes Southern Star International, Southern Star Entertainment and Southern Star's 49% share in the joint venture Endemol Southern Star. Southern Star Factual, the firm's UK-based natural history and science production company, is not included in the deal.

Universal Pictures links with Italian Production Company

NBC Universal subsidiary, Universal Pictures has bought a minority stake in Cattleya (www.cattleya.it), an Italian film production company. No financial details of the transaction have been disclosed.

Sony Pictures TV buys Embassy Row

Sony Pictures Television (www.sonypicturestelevision.com) has bought New York based non-fiction digital production company Embassy Row from Michael Davies. No financial details of the transaction have been disclosed.

Johnston Press divestiture

Iliffe News and Media owned Cambridge Newspapers, has bought four free titles from Johnston Press consisting of three editions of the Town Crier in St Neots, St Ives and Huntingdon and the St Neots Community News. No financial details of the transaction have been disclosed. Illiffe Nes and Media is owned by the Yattendon Investment Trust Plc.

Mustang Group buys MrYouth

US private equity firm, the Mustang Group LLC has bought www.MrYouth.com, a social interactive marketing agency. No financial details of the transaction have been disclosed.

HMV in venue deal

HMV Group Plc and MAMA Group Plc have formed a joint venture called Mean Fidler Group Ltd. Mean Fidler Group Ltd will become responsible for the ownership and operation of 11 Moma Group owned venues around the UK including; The Hammersmith Apollo, The Forum, The Garage, Jazz Cafe, The Edinburgh Picture House, The Birmingham Institute, Heaven, G-A-Y Bar, G-A-Y Late, The Borderline and Aberdeen's Moshulu. In consideration for the disposal of these venues MAMA will receive 50% of the share capital in MFG Ltd, and an initial cash consideration of £18.245M from HMV Group, this will be adjusted subject to the performance of the JV. MAMA may also receive a cash consideration of up to £5.5M subject to debt levels of MFG Ltd. HMV Group will receive naming rights over certain of the venues. For the year ending 31st July 2008, the venues generated total revenues of £20.25M, with operating profits before management charges of £2.24M.

Mecom divests German assets

Mecom Group Plc (www.mecom.co.uk), the European newspaper group owned by David Montgomery, has divested its German business to M. DuMont Schauberg for £135M (€152M). The titles involved include the Hamburger Morgenpost and Berliner Zeitung and their associated websites. Mecom had a strong incentive to complete this deal as it was in breach of one of its banking covenants and had to restructure by February 2009.

The Knot buys Breastfeeding.com

The Knot Inc. (www.theknotinc.com) has bought www.breastfeeding.com to add to its parenting portfolio. No financial details of the transaction have been disclosed.

In a separate digital transaction, the Knot has bought Wedsnap (www.wedsnap.com/weddingbook)  the developer of a wedding application on Facebook. No financial details of the transaction have been disclosed.

Huffington Post buys 236.com

Huffington Post (www.huffingtonpost.com) is buying out IAC's stake in joint venture comedy news site www.236.com. No financial details of the transaction have been disclosed.

Author Solutions adds another print-on demand co. to portfolio

Author Solutions Inc. (www.authorsolutions.com) has acquired another print-on-demand publisher Xlibris. (www.xlibris.com). No financial details of the transaction have been disclosed. Author Solutions is owned by Bertram Capital.

AIM and F+W asset swap

Active Interest Media and F+W Media have swapped assets in a "cash-less" transaction. AIM has acquired F+W's log and timber group (Country's Best Log Homes, Log Homes Illustrated, Custom Wood Homes, Timber Homes Illustrated, and the Log & Timber Expo) and in return F+W has acquired art assets including Southwest Art, The Collector's Guide and associated online assets.

RedRock to buy ComedyNet.TV

Red Rock Pictures Holdings Inc. (www.redrockpics.com) is to acquire ComedyNet.TV Inc. The deal is a share based transaction under which Red Rock will issue 68,000,000 common shares (circa 40% of is outstanding common shares) in consideration for 100% of the issued and outstanding Comedynet shares. An added dimension to the deal is that ComedyNet has agreed an investment of $500K as a Secured Convertible Note ($0.25 per share) in the newly combined company.

Another divestiture for Ziff Davis Media

Hears Corporation division, UGO Entertainment is to acquire a number of gaming sites from Ziff Davis Media including 1UP.com, GameTab.com, GameVideos.com and MyCheats.com. No financial details of the transaction have been disclosed.

Dow Jones buys Library from a Dragon

News Corp division, Dow Jones & Co., has bought from the Administrators the database assets of Cambridge based Library House Ltd (www.libraryhouse.net) which went into receivership in December 2008. Library House collates data on emerging private companies throughout Europe, and its Chairman is Doug Richard, who has appeared as a Dragon on BBC 2's Dragons Den. No financial details of the transaction have been disclosed.

Pandora buys Badger Publishing

Pandora Books has acquired Badger Publishing Ltd from EDCO which is the Irish educational publishing division of Smurfit Kappa Group Plc. Badger Publishing operates in the same market as Pandora Books supplying book collections to schools. The deal was backed by funding from private equity firm Key Capital Partners who funded an MBO for Pandora Books led by Martin Green in April 2008. No financial details of the transaction have been disclosed.

Another content production deal for ITV

ITV Plc has continued its plan of expanding its content production by buying a 25% stake in Carbon Media for £1.1M. The terms of the deal involve ITV Studios investing £1.1M in Carbon Media with a further development facility of £150K available over five years.

Kaplan buys English Language School

Kaplan Inc. (www.kaplan.com) has bought West of England Language Services Ltd, an international group of English language schools located in the UK, US and Australia. No financial details of the transaction have been disclosed. Kaplan is a subsidiary of The Washington Post Company.

Bloomsbury buys Arden Shakespeare

Bloomsbury Publishing Plc has bought Arden Shakespeare, a series of Shakespeare texts,  from Cengage Learning. Arden Shakespeare will be added to the A&C Black Methuen Drama imprint. No financial details of the transaction have been disclosed.

Stagnito buys Construction Engineering assets

US based Stagnito Media has bought the Media Group of Zweig White Information Services. The assets included in the sale are CE News, Structural Engineer and the Best Firm to Work For Summit. No financial details of the transaction have been disclosed. Stagnito Media is backed by Cardinal Growth a Chicago based PE firm.

Tripwolf.com raises $2.5M

Online travel guide, www.Tripwolf.com has raised a further $2.5M from European travel information publisher The MairDumont Group (www.mairdumont.com). German publisher Dieter von Holtzbrinck has joined as a co-investor.

Smarta.com backed by Dragons

One stop shop start up site for entrepreneurs, www.Smarta.com, is being lauched by Shaa Wasmund (ex-UpMyStreet.com) with backing from two BBC2 Dragons Den Dragons, Theo Paphitis and Deborah Meaden, with Bebo founder Michael Birch, YO! Sushi founder Simon Woodroffe, and David Saul of the Business Environment Group. No financial details of the backing have been disclosed.

Maveron invest in TheWrap.com

A new online entertainment and media market news site, www.TheWrap.com,  has launched backed by venture capital funding from Maveron and individual angels. The site was founded by Sharon Waxman, former Hollywood correspondent for the New York Times. No financial details of the investment have been disclosed.

GoodGuide raises first round

US based health, environment and social impact product information provider GoodGuide Inc. has raised $3.73M in series A funding. (www.goodguide.com).

Zoopla raises £3.75M

Property value data provider, www.Zoopla.co.uk has raised £3.75M in a second round of funding led by Octopus Ventures, with Altas Ventures. Zoopla has now raised circa £5.5M. Zoopla claims five million visits and 40 million page views in its initial 12 months since launch.

New York Times Co. funding from Slim

The New York Times Co. has raised $250M at 14% interest from Mexican billionaire Carlos Slim Helu owned companies Banco Imbursa and Immobiliaria Carso. Under the six year deal the loan is convertible into an additional 15.9M Class A shares at $6.35 each, which will mean an increase in Slim's stake in the company from 6.9% to 17%. The loan will be used to refinance existing debt, as it needs $400M to pay debt due in May 2009, the company is also reported in discussion regarding a leaseback agreement for it New York HQ.

Hubdub raises funding

News prediction site www.Hubdub.com has raised £810K in funding from Scottish Co-Investment Fund, software venture capitalists Pentech (www.pentechvc.com), and some individual angels. Hubdub has 250,000 unique users each month of 70% are in the US.

Kawego raises €4.7M

Paris based internet video solutions provider Kewego (www.kewego.com) has raises €4.7M from Banexi Venture Partners and CDC Enterprises. Kewego generated revenues of over €5.4M in 2008 up 60%.

Go Internet Media raises $10M

Go Internet Media Inc. (www.gointernetmedia.com), an internet advertising network which operates AcademixDirect and RevenueLoop has raised $10M in a first round of funding led by UK based private equity firm Kennet Partners (www.kennet.com).

NewsGator raises a further $10M

News feed aggregator NewsGator Technologies Inc. (www.Newsgator.com) has raised $10M in its sixth round of funding, taking its total funding to date to $39M.

LexisNexis takes stake in RocketLawyer

LexisNexis has invested $2.09M in part of a second round of funding for lead generation provider RocketLawyer Inc. (www.rocketlawyer.com). RocketLawyer is seeking to raise $3.09M in total in its second round.

Wikipedia reaches 2008 target

Online encyclopedia provider the Wikipedia Foundation has achieved its target of raising $6M in funding for its 2008 financial year with almost half a year to spare.

TheInfoPro raises $7.25M

Market intelligence provider to the information technology industry, TheInfoPro (www.theinfopro.net) has raised a $7.25M investment from Edison Venture Fund (www.edisonventure.com).

Gannett - quarter of unprecedented turmoil

Gannett Co. Inc. in its fourth quarter preliminary results reported total operating revenues of $1.7Bn (Q4 2007: $1.9Bn), with net income before impairment charges of $158M. Full year revenues were down 9% to $6.8Bn, with a net income loss of $1.8Bn. Publishing revenues in the fourth quarter fell 18.6% year on year to $1.35Bn (Q4 2007: $1.66Bn) with the fall being largely due to a reduction in advertising revenues, Digital revenues were $170M (Q4 2007: $24M) with Broadcast revenues flat at $212M. The company has paid out $56M in pre-tax severance expenses, and is preparing to take a non-cash impairment of between $5.1Bn-$5.9Bn before tax relating to the reduction in value of its assets. Revenues at Gannett's UK subsidiary Newsquest fell by 29.3% year on year, with classified revenues down 35.3%.

Haynes - benefitting from acquisitions

Haynes Publishing Group Plc in its interim results for the six months ending 30th November 2008 reported turnover on continuing operations up 14% to £16.4M (2007: £14.4M), with operating profit down 32% to £1.9M (2007: £2.8M), and PBT of £1.7M (2007: £2.8M). Sales volumes fell in the second quarter in both the UK and US, but the strengthening of the US Dollar has had a positive impact on revenue and profits. Haynes's February 2008 acquisition Vivid Holding BV contributed £1.9M in revenue in the half. Discussions regarding the offer from JF Print Ltd to purchase the UK book manufacturing operation are continuing.

Euromoney - subscription revenue strengthening

Euromoney Institutional Investor Plc in its interim management statement for the period 1st October 2008 until 28th January 2009 reports trading in line with expectations with foreign currency movements having an impact on revenues and net debt. Revenues to 31st December 2008 have increased by 15% to £86.8M (FY2007/8; £75.2M), with strong growth in subscriptions countered by a decrease in advertising and sponsorship revenue. Net debt at 31st December 2008 was £196.1M (Sept 2008: £172M) this increase is due to the change in exchange rates as approximately 80% of the group's debt is held in US Dollars, also due to the company's policy of hedging using currency contracts  the group will only benefit from the strength of the Dollar from 2010. Market conditions are tough and the company expects revenue growth will be significantly weaker in the second quarter of the financial year. Results for the six months to 31st March 2009 will be reported on 14th May 2009.

BSkyB - strong performance in challenging environment

British Sky Broadcasting Group Plc in its results for the six months ending 31st December 2008 report revenues up 6% to £2.6Bn (H1 2007: £2.46Bn) with operating profit up 31% to £385M (H1 2007: £295M), and adjusted operating profit up 26% to £388M (H1 2007: £307M. Profit before tax in the period was £166M (H1 2007: £112M loss) with EBITDA of £522M (H1 2007: £415M).

Disappointing Q4 for Yahoo!

Yahoo! in its results for the fourth quarter of 2008 reported a 1% fall in revenue to $1.806Bn (Q4 2007: $1.832Bn) with a net income loss of $303M (Q4 2007: $206M profit) this included a $600M charge associated with restructuring costs, legal fees when negotiating with Microsoft and a $488M goodwill write down. $468M of revenue was generated outside of the US, down 10% and US revenues were $1.34Bn up 2%. Search advertising revenue rose 11% to $436M, however display advertising revenue fell by 2%. Full year results shown revenue up 3% to $7.2Bn with net income down 36% to $424M. First quarter 2009 revenue is expected to be in the $1.525-1.725Bn range due to disposals and economic factors. 

Future - resilience in challenging markets

Future Plc in its interim management statement for the three months to the end of December 2008 reports revenues up 1% to £41M, with an increase in advertising revenues offsetting a 2% decline in circulation revenues. Online advertising rose by 25% offsetting a 4% decline in print advertising, and now represents 25% of total advertising revenue. Future generates 29% of revenue in the US, and whilst currency fluctuations have had a positive effect, US advertising market conditions are deteriorating and advertising represents 45% of US revenues.  The majority of UK revenues, which represent 71% of total Group revenues, are from circulation, and subscriptions represent half of magazine sales by volume.  The company is on track to meet full year expectations and will make a pre-close update on 30th March 2009.

Positive 1st quarter for ITE

ITE Group Plc in its interim management statement for the period from 1st October to 31st December 2008 reports trading in line with expectations, with revenues of £19.7M (Q1 2007/8: £13.9M) with like for like revenues up 13% year on year. The company reports that the trading environment is becoming increasingly difficult with some cancellations and slowing of sales, however these are being countered by exchange rate benefits. At the end of January 2009 the Group had contracted £81M of revenue which represents 65% of expectations. Like for like space sales are down 15% year on year, however revenues remain up 6%. 

Bullish update from INM

Independent News & Media Plc has issued a bullish trading update in response to the significant decline in its share price. For the year ending 31st December 2008, the company is predicting, subject to audit variations, revenues in excess of €1.4Bn down 3% year on year at constant currencies. Operating profit before exceptional items will be at least $275M. For 2009, the Group is forecasting a contraction of between 4-6% in publishing advertising revenues, with circulation revenues remaining flat. Full year results for 2008 will be announced on 31st March 2009.

Google - net income fall in Q4

Google results for the fourth quarter of 2008 showed revenues up 18% year on year to $5.7Bn (Q4 2007: $4.83Bn) with net income down 70% to $382M (Q4 2007: $1.2Bn) which was ahead of analysts forecasts. The decline in net income was due to the impairment charges Google took on its AOL ($726M write down) and Clearwire ($355M write down) investments. Google owned sites revenues were up 22% to $3.81Bn and represented 67% of total revenues in the quarter. Google Network revenues were up 4% to $1.69Bn. Revenues from outside the US were $2.86Bn with UK revenues of $685M up 3.6% over 2007.

Positive update from Pearson

Pearson in its full year trading update reports good growth and that all business have achieved or exceeded expectations for 2008. The company expects to report headline earnings growth of around 20% for the year ahead of market expectations. The education businesses performed ahead of expectations, Penguin in line with expectations and FT Publishing will report sales and profit growth despite a slowdown in advertising revenues in the fourth quarter. Preliminary results for 2008 will be announced on the 2nd March 2008.

Bloomsbury 2008 on track

Bloomsbury Publishing Plc in a trading statement reports 2008 trading was in line with management expectations, with good sales in difficult market conditions. Preliminary results for the year ending 31st December 2008 will be announced on the 31st March 2009. 

Sports Media Group big write downs and breach of covenants

Sport Media Group just after admitting that it is in breach of it banking covenants and that it is actively seeking new financing before its loan facility expires on the 6th March 2009, has announced results for the year ending 31st July 2008. Revenues were £29.4M with an underlying PBT of £6M, however it has reported a loss of £18.1M after writing down the value of its assets by £20.7M. Circulation revenues were £10.95M with advertising revenues of £9.1M in the year, mobile activities generated £6.9M and digital revenues were £2.4M. Sports Media Group bought Sports Newspapers for £50M in 2007.

Tarsus positive about 2008

Tarsus Group Plc in a trading update reports that it expects full year 2008 adjusted PBT to be in line with expectations, however it is cautious about the outlook for 2009. Organic like-for-like growth has been 8% excluding currency effects. Tarsus has completed its change of domicile to Ireland for £2M in exceptional costs. Exhibitions in November and December 2008 in Dubai and India have performed well, however an event in Las Vagas was down marginally against 2007, this has been countered by the French division trading slightly ahead of expectations. Preliminary results for the year ending 31st December 2008 will be released on 3rd March 2009.

King promoted at Time Out Group

David King has been promoted to be Chief Executive of Time Out Group from his role as CFO. Founder Tony Elliot is remaining as Chairman and brand guardian. King joined Time Out Group in 2008 from his role as MD of Acquisitions at BBC Worldwide.

Parry retiring from Johnston Press

Roger Parry is retiring from his role as Chairman of Johnston Press, he will be succeeded by Ian Russell. In other departures Simon Waugh is leaving his role as Chairman of the Remuneration Committee, and Gavin Patterson is leaving his role as a Non-executive Director.

New focus for digital at Conde Nast

Conde Nast has re-organised its digital operations, by merging CondeNet with other digital operations under a new unit called Conde Nast Digital. This new unit will be managed by CondeNet President Sarah Chubb who has been promoted to Group Publisher.

Hommen leaving Reed Elsevier

Reed Elsevier Plc has announced that Jan Hommen is stepping down as Chairman, and from the Board of the company in April 2009 to take up his appointment as Chief Executive Officer of ING Group. His successor has not yet been announced.

Charles Allen joins another Board

Charles Allen has been appointed Non-executive Chairman of Terra Firma owned EMI Music adding another role to his portfolio. He is currently Chairman of Global Radio, and on the Board of both Endemol and Virgin Media.

Edwards promoted to Hearst Magazines International

Duncan Edwards has been promoted to be President and Chief Executive of Hearst Magazines International succeeding George Green who is retiring in June 2009. He will also be Executive Vice Chairman of Hearst Magazines and Vice Chairman of the National Magazine Company where he is currently Chief Executive.

Sollinger promoted at FT US

Andrew Sollinger has been promoted to be Managing Director of the Financial Times US commercial operations from his role as MD of Money-Media. Steve Howe, the President of FT US is leaving the company and is being replaced by Greg Zorthian.

Bartz new Chief Exec at Yahoo!

Carol Bartz has been appointed as Chief Executive of Yahoo! replacing Jerry Yang. She joins from her role as Executive Chairman of Autodesk. President of Yahoo!, Sue Decker has resigned her post on the news.

Hadfield joins Telegraph Media Group

Telegraph Media Group has appointed Greg Hadfield as Head of Digital Development. Tim Rowell has been promoted to Digital Publisher.

Dent new MD of IPC Connect

Fiona Dent has been promoted to be Managing Director of IPC Connect from her role as MD of IPC TX, she will report to new Chief Executive Evelyn Webster. Charlie Meredith will fill Dent's role as MD TX, where he is currently Publishing Director.

New CEO for Channel Television

Rowan O'Sullivan has been promoted to be Chief Executive at Channel Television, the ITV broadcaster for the Channel Islands. He was formerly MD of the company's Enterprise Division. Channel Television is owned by Yattendon Investment Trust and the Chief Executive post had been vacant since Huw Davies retired in 2006.

Goldberg joins Lonely Planet

Matthew Goldberg has been appointed to be the new Chief Executive of the Lonely Planet travel guide business by BBC Worldwide replacing Stephen Palmer who will return to his role as Chief Executive Lonely Planet EMEA. Goldberg was formerly a SVP, digital strategy and operations with Dow Jones & Co.

Hurst leaving UTV

Chris Hurst is leaving his position as Group MD of UTV's independent local radio stations as part of a company restructuring programme.

Hasselbank promoted at Diversified

Nancy Hasselbank has been promoted from her role as President and CEO of Diversified Business Communications to Chief Executive Officer of parent company Diversified Communications. She replaces David Lowell who has retired.

Brass joins Endemol

Martha Brass is joining Endemol as Deputy Chief Operating Officer reporting to Marco Bassetti. She joins from CPH Group were she was Commercial Directory and Managing Director of Amaze TV.