TI Media Future today announces the completion of the acquisition of TI Media, having sold 3 titles in line with the CMA’s suggested remedies. COVID-19 impact on Future and TI Media Re COVID-19, the company reports encouraging digital revenues with continued strength in eCommerce, reporting a reduction in yields which has been largely offset by audience growth. The group expects a significant reduction in magazine sales, impacted by high street store closures, but notes that digital copies and subscriptions are performing well. Audience numbers remain strong in digital, with Tom’s Guide having its best ever month in March. Given TI’s current magazine focus, the company expects the COVID-19 impact to be more severe, with newsstand revenues reduced by approx. 30% since the introduction of lockdown. TI has taken a number of steps to reduce costs including a reduction of promotional and discretionary costs, smaller print runs, furloughing of some staff and tiered salary reductions for all staff. TI note that subscriptions are performing well and that the Decanter World Wine Awards has been deferred until later in the FY. Liquidity Regarding liquidity, the group has signed a new £30m RCF which matures in 12m, with key terms mirroring the group’s existing debt facilities. The group’s current net debt is £93m following TI completion, with available cash headroom of £69m. Board Changes CFO Penny Ladkin-Brand becomes COO as of 1st June, with Rachel Addison of TI Media becoming group CFO Our View With the completion of the TI Media deal will come a sharp focus on integration; whilst this is more challenging to do remotely, a number of Future’s recent deals have been in the US, so the group is well versed in the use of tech to smooth the process. Digital ads and eCommerce seem to be proving resilient in the current climate, with magazines under pressure, but in some ways the current situation allows Future to accelerate their existing plans to digitize the businesses.