Following OFT clearance of the purchase of BBC Magazines by private equity firm Exponent, newly created Immediate Media has been appointed to publish Radio Times, Olive, and other leading BBC magazine titles.

The £121m deal sees Exponent buy outright 11 titles and receive a series of 10- and 5-year licences which give it publishing rights across 23 other BBC titles.

The new company will also include the magazines of Bristol-based publisher Origin, and the digital and print assets of Exponent-owned Magicalia.

In total the company will publish over 50 titles. It will be fully up and running by the beginning of November.

The chief executive of Magicalia Tom Bureau will be chief executive of the new company, while Stephen Alexander, the former chairman of EMI, will be chairman. In total it will employ 750 staff based in London and Bristol.