Sport Media has decided to return to its core publishing businesses of the Daily and Sunday Sport and withdraw from consumer magazines.
Front competes in the struggling men’s magazine market against titles such as FHM and Loaded. Dennis Publishing recently ceased publication of the print version of Maxim. The next set of twice yearly magazine ABC figures are due on 13 August.
However, Front is not currently audited via ABC but through independent distributors COMAG. Front’s latest edition (July) achieved a sale of 39 658, in so doing recording its fourth successive monthly rise.
Kane is led by 24 year old millionaire entrepreneur Dominic McVey and managing director of talent agency Money, Francis Ridley.
They take control of the publication from SMG subsidiary Flip Media Limited immediately.
The Front team responsible all remain in place under current editor Joe Barnes.
McVey said: “As an independent we believe we can be nimble and opportunistic, empowering the team to build on the success to date and collectively realise the brand’s ambitions both in print and online.”
Andrew Fickling, CEO of Sport Media Group said: “Whilst we are proud that Front has flourished under our ownership we have made no secret of our intent to restructure and consolidate our businesses. We are delighted to have found committed new owners who believe in the team and the product and are confident they can build on its current popularity.”
Distribution plans are to be ramped up next quarter with an additional 13,000 copies being made available via independent retailers and major supermarkets. In addition to the acquisition, an ABC certificate has been applied for with a view to the publication featuring in their next report.
McVey is made his first million by spotting, importing and selling micro scooters. In 2004 he was the youngest newcomer on the Sunday Times Rich List with an estimated worth of £7m.
Amongst various business interests he currently runs Cosmagenics3 a health and beauty marketing and distribution company and major supplier of brands to the Middle East market. His partner in Kane, Francis Ridley is the managing director of talent agency Money4. Founded by Ridley in 2000 following a decade in television production.