Out of the blue on Thursday we heard that Reed Elsevier is to sell off Reed Business Information, which amounts to all its global print and online businesses that are dependent on advertising revenues, including the Farmers Weekly Group. As you can imagine, it's been an unsettling time for us as we get to grips with what it all means. Firstly, Elsevier has decided to divest because it sees advertising led businesses as too cyclical and it wants to concentrate on other business models such as user pays and data services instead. It will sell all its magazines and websites in the UK, US and Europe.
Farmers Weekly is one of the strongest brands in the UK stable and inevitably is getting picked up in press headlines, which makes it sound a bit like we are the only titles to be sold but in truth we are one of many. Our leaders tell us that there has already been a phenomenal amount of interest in the group and is hopeful that all the products will be sold as a whole. It may be many months though before there is any definite news.
I will keep readers posted about developments as soon as I have them. Our view at Farmers Weekly is that it is business as usual and that we must focus on continuing to deliver quality information products for farmers and the industry. Without doubt that's the most helpful thing we can do for any prospective buyer interested in taking over. We're confident but not complacent.
Under Reed Elsevier's ownership Farmers Weekly has flourished and therefore there's always a sadness to leave a good parent. However, the future under a new owner could be even more exciting and open up new opportunities for the brand. That's the way I want to look at it right now.