Radio Times publisher Immediate Media is set to be sold to a German media group for £260m
One of Britain's most recognisable brands, Radio Times, will be sold to a German media giant.
The television listings magazine's publisher Immediate Media will be sold this week to Germany's Hubert Burda in a £260m deal, Sky News reported.
Hubert Burda, publisher of YourHome and Wedding lifestyle magazines, will take over the Exponent Private Equity-owned company, which publishes other BBC-branded magazines like Top Gear, Top of the Pops and CBeebies.
The BBC's consent is needed before the change formally takes place, but that is not likely to hinder the deal, Sky reported.
A deal is expected to be announced this week barring any last-minute obstacles.
Burda, which employs more than 8,000 people in 12 countries, will reportedly operate Immediate Media as a standalone business rather than integrating it with its UK assets.
This news comes after Time Inc, owner of Marie Claire UK, Sports Illustrated and NME, was reported to have hired investment bankers to gauge takeover interest.