Future said it paid $12.25 million in cash and $1.55 million in shares, with further potential consideration of up to $5.6 million in 2019 depending on performance.
Future is a publicly held media group and digital publisher based in the U.K. It said the move expands its reach in the United States and its position in music and consumer electronics, as well as adding titles in "complementary verticals" of audio visual, broadcasting and educational technology. It will now own more than 100 brands.
The announcement comes just two weeks following another announced acquisition in which Future plans to acquire five specialty titles from Haymarket Media Group (read about that here).
NewBay's business includes conferences and events such as Government Video Expo, digital content, events Daily publishing and data services. Its large consumer division features music brands like Bass Player, Guitar World and Electronic Musician.
Future's existing titles include TechRadar, PC Gamer, The Photography Show, T3, Total Film, Metal Hammer, Digital Camera and Edge.
Zillah Byng-Thorne, CEO of Future, said in a release, “NewBay is clearly aligned with Future in its mission to create content that connects, with market leading titles. This acquisition supports our strategy of growth organically and through acquisition, global expansion and revenue diversification.
NewBay President & CEO Steve Palm said the combination "will result in new and better opportunities" for both companies. "Delivering data-driven brand and product awareness, thought leadership and demand for our partners will only be enhanced." He particularly cited NewBay's growth in recent years in the areas of events, marketing services and digital content.
Future plc trades on the London Stock Exchange, symbol FUTR. NewBay, headquartered in New York, was privately held. It formed in 2006 and has made a number of acquisitions since then, including IMAS Publishing brands like Radio World and TV Technology in 2007. Future said NewBay generated $4.2 million in EBITDA (earnings before interest, taxes, depreciation and amortization) last year.
Radio World was founded in the 1970s by Stevan Dana, a 29-year-old entrepreneur who saw an opportunity to start a publication aimed at technical professionals in the U.S. radio broadcast market. The idea came from one of the few early IMAS customers for computer services.