BIZ: Future Network (owner of Business 2.0) acquires TED conference

From: Chris Rasch (
Date: Tue Feb 06 2001 - 17:33:25 MST

Future announces strategic investment in TED conferences

Future acquires 49% shareholding

Future Network plc (LSE: FNET), the international specialist consumer
magazine and online publisher, today announces that it has entered
into a strategic partnership agreement with TED Conferences LLC, a US
company that runs one of the world?s most successful and innovative
conferences, TED (Technology, Entertainment, Design).

This agreement will see Future investing US$8 million to acquire a 49%
shareholding in TED Conferences LLC, of which US$6 million will be
paid in cash, with the remaining US$2 million paid through the issue
of 158,228 new ordinary shares in Future. These shares are to be
retained for at least 12 months. Future has agreed to acquire the
remaining 51 per cent interest within three years of the date of the
agreement for a maximum consideration of US$12 million. TED
Conferences founder and director, Richard Saul Wurman, will remain
with the business and will continue to exercise management and
creative control of the conferences.

The 2000 conference (TED10) was held in Monterey in February this year
and attracted more than 800 registrants. Revenues were approximately
US$3 million, of which 80 per cent came from registrations and the
remainder from sponsorships. Earnings before interest and tax were
approximately US$2 million. The tangible assets of TED Conferences LLC
were US$1.9 million on completion.

See the rest of the press release here:

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