Future sells off French arm

The sale was confirmed on September 28th, and is now owned by WM7, which is itself owned by Paris-based financial firm LMBO.

WM7 is also jointly owned by a number of the management team at Future France, including Saghi Zaimi and Jane Wray, the current managing director and finance director.

Future France’s 171 staff and 18 magazines will not come under the ownership of a new management team.

The financial terms of the deal state that €13.2m is to be payable in cash up front, while up to €4.8m is payable in 2010 dependant on the achievement of certain revenue targets by Future France.