Radio Times sold

Iconic listings magazine bought by private equity firm...

09:42 17 August 2011

The BBC has sold the Radio Times as part of a £121million sell-off.

BBC Magazines agreed to sell the publication to Exponent, a private equity firm that also controls the website thetrainline.com.

The deal also covers selling 10 other non-BBC branded magazines to the company, while BBC titles, such as Top Gear, Gardeners' World and Lonely Planet, will be published by Exponent under licence.

Chief executive of BBC Worldwide, John Smith, said:

"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."

BBC Magazines was put up for sale in September 2011 as part of the BBC's focus on digital media.

Most of the proceeds from the sale will go back to the BBC to help it invest in content.