Haymarket Media Group has agreed to sell its motorsport brands and related events activity to Motorsport Network, the specialist online US motor racing content and events company.
Haymarket’s motorsport division, part of the group’s consumer media division, comprises a portfolio of specialist brands that include Autosport, Autosport.com, the Autosport Awards, F1 Racing (the UK edition plus 14 international licensed editions), Motorsport News, motorsport photographic agency LAT and the Autosport International Show.
Motorsport Network, the Miami-based owner of Motorsport.com, is the world’s largest online global motorsport content provider. It speaks to 75 million people every month across 22 website editions operating in 16 languages and will develop the Haymarket brands as part of its global motorsport media franchise.
Kevin Costello, Haymarket CEO, said, “Motor racing has formed part of the Haymarket portfolio for almost half a century and the company has nurtured these businesses from their origins to be global category leaders. However, we are reassured that the Motorsport Network are the right people to be custodians of these businesses for the next stage of their investment and development.”
Around 70 Haymarket employees on the group’s motorsport titles are expected to transfer to the new owners.
Zak Brown, chairman of Motorsport Network, said: “This milestone in acquiring the businesses that Haymarket has grown over decades will be recognised by everyone in the industry as a mark of our intent. All that is best about Autosport and its sister businesses will be preserved.
“Supported with investment and aligned with our dynamic organisational culture and high speed growth that is attracting younger demographics to motorsport, the fusion of these two organisations presents tantalising opportunities for our staff and our clients alike. This acquisition is part of a broader consolidation strategy and is aligned with a series of significant changes we’re witnessing across the motorsport landscape.”
Haymarket continues to build its existing portfolio of specialist magazines, digital brands and events.
For further information on this story, please contact Tim Burt/Ben Ullmann, Teneo Blue Rubicon, 020 7260 2700