CyberMedia today said it has sold the publishing rights, title and business of biotechnology business magazine 'BioSpectrum' to trade exhibitions firm MM Activ Sci-Tech Communications Pvt Ltd for an undisclosed sum.
While Cybermedia said it has sold the magazine to focus on its 'core' areas, MM Activ said the acquisition will help the company expand its offerings to the customers.
"Cyber Media (India) Ltd and MM Activ Sci-Tech Communications Pvt Ltd have entered into an agreement for acquisition by MM Activ, the publishing rights, title and interest in and to the brand and business of CyberMedia's media property 'BioSpectrum'," Cyber Media said in a filing with BSE.
'BioSpectrum' is a monthly biotech business magazine that covers areas like bio-pharma, bio-agriculture, bio- informatics, bio-industrial, bio-suppliers and bio-services.
Commenting on the acquisition, MM Activ Managing Director Jagdish Patankar said: "BioSpectrum is a well recognised and acclaimed brand in the biotechnology sector. With our current presence in events on life sciences, agriculture and food & nutrition, this acquisition will help us provide a wider offering to our customers."
CyberMedia Chairman and Managing Director Pradeep Gupta said: "The deal was part of the realignment at CyberMedia to focus on its core areas."
MM Activ Sci-Tech Communications Pvt Ltd is engaged in creating, planning, development and implementation of fully integrated national & international trade shows.
CyberMedia's other magazines include Dataquest, PCQuest and Voice&Data.
CyberMedia's revenues from media business declined to Rs 7.34 crore for the quarter, down 36% from Rs 11.5 crore in the first quarter ended June 30, 2013.
