BBC selling magazines

PanARMENIAN.Net - The commercial arm of British public broadcaster BBC is to sell a string of magazines including the Radio Times to a private equity group as part of its strategy to focus on video and digital services.

According to Reuters, the BBC announced the deal with Exponent Private Equity, along with other licensing agreements and other disposals, for a total sum 121 million pounds ($198 million) and said the majority of the proceeds would go back to the corporation.

The BBC, funded by a fee paid by all households with a television, is under pressure to cut costs as part of the government's bid to slash spending.

Exponent's current portfolio also includes a theater group, a handbag supplier and the Trainline website. The first issue of the Radio Times was produced in 1923.