Haymarket Publishing acquires controlling stake in Racer Communications

TUSTIN, Calif., Jan. 11 /PRNewswire/ -- British media powerhouse Haymarket Publishing Ltd. expanded its consumer magazine operations into the U.S. last week by acquiring a controlling stake in the California-based Racer Communications, Inc. ...

TUSTIN, Calif., Jan. 11 /PRNewswire/ -- British media powerhouse Haymarket Publishing Ltd. expanded its consumer magazine operations into the U.S. last week by acquiring a controlling stake in the California-based Racer Communications, Inc. The purchase places the respected RACER, America's largest circulation general interest motorsport magazine, under the same umbrella as Haymarket's Autosport, Britain's best-selling motorsport weekly and F1 Racing, the world's top-selling Formula One magazine.

The acquisition also includes the company's customer publishing arm, which produces SportsCar magazine for the Sports Car Club of America, the Racer Special Projects Division, which produces collateral and advertising materials and Racer's News Bureau, which supplies content and editorial management to the Speedvision network's speedvision.com web site.

Tony Schulp, Chief Executive of Haymarket Worldwide, called the acquisition, "An excellent strategic development, which strengthens our global commitment. I am particularly delighted that founder Paul Pfanner will continue as President of the company, as we expand both RACER and the associated activities which so ideally complement our existing titles, including F1 Racing and Autosport."

Pfanner called the transaction a major step in expanding this now-combined motorsport arsenal into a unique and dominant global franchise.

"Following discussions stretching over thirty-one months, the two companies have joined as one," Pfanner said. "This relationship is a perfect fit, as both partners already produce market leading magazines noted for high quality in both design and content."

"This is the best outcome for our employees and our shareholders," Pfanner continued. "We have great expectations for this partnership to expand the RACER brand to its fullest potential."

Haymarket Media, Inc. -- the holding group set up to administer Racer operations in the U.S. -- is expected to expand its influence by acquiring or launching further motorsport titles in the future. Andy Hallbery, former Editor of Autosport, has been designated Senior Editor of the magazine group and has already taken up his appointment in Tustin, Calif. Ian Havard, former Publisher of Haymarket's other weekly motorsport title Motoring News, has taken over as the Publisher.

-Racer

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