Failed publishing house titles go to new owners

By SIMON HENDERY

The carve-up of Wilson Neill's failed publishing arm, IT Media, is almost complete after a receivership sale of its last two magazine titles.

Auckland printing, pre-press and new media company Image Centre has bought NZ Rugby World and NZ Fishing World for an undisclosed price.

IT Media was placed in receivership last month after a failed bid to refinance parent company Wilson Neill, which itself faces a liquidation hearing in the High Court at Auckland next month.

IT Media receiver Grant Graham, of Ferrier Hodgson, said yesterday that he was continuing to work through the sale of some minor fixed assets, and expected to provide a first report to creditors within a few weeks.

He would not be drawn on how much of the company's debt was likely to be repaid.

Image Centre managing director Syd Atkins said his company was confident about the future of the magazines, having retained Rugby World editor John Matheson and Fishing World editor Geoff Thomas.

The two magazines would be run through a new subsidiary, Image Centre Publishing, headed by former IT Media general manager Andrew Mobberley.

Meanwhile, former IT Media managing director Tim Connell has retained a contract to publish supermarket chain Foodtown's bimonthly magazine, despite its being hailed as an IT Media deal when it was announced last August.

Connell resigned his IT Media position shortly before the company was placed in receivership.

In a press release last August, Foodtown's owner, Progressive Enterprises, said it was "outsourcing production and publication of the magazine to IT Media".

But Graham said yesterday that the magazine contract was with Gourmet Food Publishing, a company owned by Connell and Hamilton businessman Simon Perry.

Graham said he had received a legal opinion that the contract was outside the scope of the IT Media receivership. "From what we can see, it was never in IT Media, it was always owned by Gourmet Food."

Connell confirmed the contract had always been with Gourmet Food and "IT Media were just providing a couple of services ... "