17th August 2011
The BBC is to sell off the Radio Times and several other magazines as part of a move to focus more on digital media.
As well as the Radio Times, the BBC's Top Gear, Gardeners' World and Lonely Planet magazines will all be sold to Exponent, which will publish the titles under licence.
Ten other non-BBC branded titles are also being sold to Exponent, including Gardens Illustrated and Olive, with staff from the magazines set to transfer to the new company from the autumn.
John Smith, the chief executive of BBC Worldwide, commented: 'The deal announced today offers the best prospects for the magazines business to continue on this path of success, while BBC Worldwide pursues a strategy increasingly focused on international video and digital services.'
Meanwhile, BBC Worldwide's 50 per cent shareholding in Indian joint venture Worldwide Media Ltd is also being sold to Bennett, Coleman and Co, owner of the Times of India.