In a multi-million dirham acquisition, Mediaquest Corp has taken the reins of both the publishing and events divisions of Gray Business Communications (IOM) Ltd (GBC).
The deal, inked this week and taking effect from 2 January, 2008 adds a number of respected brands to the Mediaquest portfolio including Gulf Marketing Review, GMR-Online, Al Tasweeq Al Arabi and RaceWeek. In addition, Mediaquest takes on board the GBC Events division and a number of specialist sports publications.
Mediaquest, headed by Alexandre and Julien Hawari, has an established stable of publications comprising Communicate, Trends, Saneou Al Hadath, Shaheen…. The group also includes Medialeader, the media representation division and data management division, Quest Communications.
Already one of the largest publishers in the region, with some 14 titles in three different languages, Mediaquest has reported 40% business growth during 2007 and forecasts significantly higher growth during 2008 with the recent acquisition of the additional titles from GBC.
Alexandre Hawari, Co-CEO of Mediaquest confirmed GBC director, Barry Gray will be working with the company on a consultative basis to aid the integration of GBC business and to support future developments of the company.
”Barry brings a wealth of publishing knowledge with him, having launched and run a diverse range of regional publications. He has a reputation for building publications that enjoy a strong readership and advertiser base.
“These additional products offer significant synergies with those already under the Mediaquest umbrella. Due to the high quality of their offerings, the acquisition seemed a natural progression for us, and a perfect fit with our current operations.
“Having the combined titles under one roof will enable us to build on and further innovate around them. We aim to increase readership appeal and simultaneously allow advertisers to better target their markets.”