Sources - Financial Times / CTW / MCV
It's been a troubled year for Future Network, the company behind the likes of PC Gamer, Official PlayStation 2 Magazine and Games Radar. Several magazines have been closed down, websites culled, hundreds of staff laid off, and its shares are currently sleeping with the fishes at just 54p. So when a report appeared in the Financial Times this morning saying that the company was "in discussions over a possible sale of the company", it looked like the end of the road for the Bath-based magazine publisher. Indeed, trade magazine MCV this morning reported that "the games magazine giant Future Network is up for sale". Or is it?
Just half an hour later came a story from rival trade rag CTW, saying that discussions about selling the company outright had been terminated. Future had only announced that it was talking to a potential buyer yesterday, after rumours about the talks caused a 20% jump in their share price, but apparently the talks are over already. Instead the company will be looking at other possibilities, such as selling some of their assets and raising capital from shareholders, to deal with their mountain of debt. Whether the take-over discussions ended because of a change of heart at Future or some problem with the specific offer on the table is unclear at this stage, but we wouldn't be too surprised if somebody else makes a grab for the company in the near future.
No pun intended.