• 08 /09 2015

    Artnews Preserves Growth Leadership in the Global Art Media Space


    September 8, 2015, New York – Warsaw, — Artnews S.A. enters the Fall season as a clear growth leader in the global art media space.

    Based on digital audience data for the three-month period ending July 31, 2015 [1] was among the growth leaders in almost every, significant category in the digital art media business. was by far the fastest growing art media business in terms of audience growth this summer, and in fact the only art media property (other than the Mexican and Chinese Artron) that achieved audience growth when compared with the preceding three months (ending April 30, 2015), thus completely offsetting art business seasonality with its digital offering. average number of monthly unique visitors (for the three-month period ending July 31, 2015) grew by 19.7% compared to the preceding three-month period. By contrast all of Artnews’ competitors faced significant audience decline: Hyperallergic’s web audience was down 16.1% for the same period, blouinartinfo was down 40.1%, 42.3%, artforum down 49.1%, down 50.0% and down by 50.1% [2] .

    Artnews’ surge in web traffic had also been accompanied with a significant (22.9%) growth in average time spent on the site, the second best increase in stickiness among Artnews peers[3] , with some of the key competitors like Artnet and Artsy facing average time spent on the site decrease by 13.6% and 9.3% respectively.

    On the social networks, Artnews focused on growing both the size and level of engagement of its Facebook audience. In the three months ending July 31, 2015 Artnews achieved 19.2% growth of Facebook audience, ahead of Artsy (18.8%), The Art Newspaper (11.8%), Hyperallergic (10.4%), artnet (5.2%) and Blouinartinfo (2.1%) .[4]

    “The turnaround of Artnews can be considered as successfully completed as the once tired print magazine becomes the digital media company leading among the peers on quality of editorial content and growth rates for digital, that both help in creating a steady cash flow from digital-only advertising and e-commerce sales”, commented Izabela Depczyk, CEO of Artnews S.A.

    Artnews holds Extraordinary Shareholders Meeting on September 22, 2015 (about which Artnews S.A. informed in the current report no. 42/2015 dated August 11, 2015,łanie-Nadzwyczajnego-Walnego-Zgromadzenia-ARTNEWS-S-A-na-dzień-22-września-2015-r-EN.pdf) to vote on the approval of the transaction with Brant Publications with the exact timetable for the integration of BMP’s art media properties with Artnews to be announced shortly thereafter provided Extraordinary Shareholders Meeting approves the transaction.

    About Artnews S.A.

    Artnews S.A. is the world’s leading print and the fastest growing online art media business with its media properties including the 113 years old ARTnews and the Art & Business monthly print magazines, and the digital properties and Skate’s art business intelligence unit ( Artnews S.A. is listed at Warsaw Stock Exchange and has its primary operations in New York, USA via Artnews Ltd, the 100% owned subsidiary of Artnews S.A.

    About Merger with Brant Publications

    For details about transaction please click here:


    [1] Compiled by Skate’s Art Market Research, the business unit of Artnews SA, based on publicly available sources and to be published in the forthcoming issue of Skate’s Art Ecommerce Report on September 15, 2015
    [2]Source: SimilarWeb; for detailed statistics and sources refer to Skate’s Art Ecommerce & Media Report to be released on September 15, 2015
    [3]After The Art Newspaper that successfully re-launched its site in summer to improve on stickiness, but remains significantly behind in monthly users numbers
    [4]Source: Facebook

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  • 14 /08 2015

    Artnews S.A. 1H 2015 Results: 53.5% Revenue Growth, EBITDA up Six Times


    Shift to Profitability Driven by Turnaround of the Core Subsidiary in the United States and Focus on Growth of the Digital Part of the Business.

    • Artnews S.A. reports 53.5% revenue growth (from PLN 9.3 million in 1H 2014 to PLN 14.3 million in 1H 2015), helped by better-than-expected business performance and weakening Polish Zloty. In U.S. dollar terms revenues have grown at a strong rate of 25.0% (from $3.07 million in the 1H 2014 to $3.84 million in the 1H 2015).
    • EBITDA of PLN 2.65 million and EBITDA margin of 18.5% reported for the first six months of 2015 confirm the strength of the pure-play business model chosen by Artnews S.A. following the ownership and leadership change in 2014.
    • Online advertising was by far the fastest-growing part of the business, surging by 141% compared to 1H 2014 (in U.S. dollar terms) and contributing to 22.0% of advertising revenue in 1H 2015 compared to 8.9% in 1H 2014.
    • Artnews Limited, the 100% subsidiary in the United States acquired in May 2014, reports 84.7% revenue increase on like-for-like basis ($0.21 million net income in the first half 2015 against $0.33 million net loss in the first half of 2014), confirming a remarkable turnaround of ARTnews magazine completed by Artnews S.A. within one year.
    • Artnews S.A. reduced net debt ahead of a self-imposed deleverage schedule, decreasing net debt by 8.3% in PLN terms and by 13.6% in U.S. dollar terms, while remaining on schedule to bring its Debt/EBITDA ratio below 3 by the year-end.

    Warsaw/New York, August 14, 2015 – Artnews S.A. published financial results for the six months ending June 30, 2015. Significant investment made by Artnews S.A. in the first half of 2014 into acquisitions of media assets in the United States, reallocation of various functions from New York to Warsaw, subsequent products relaunch, and a heavy focus on digital growth delivered better-than-expected 1H 2015 financial results, with 53.5% revenue growth to PLN 14.3 million.

    Following divestment of all non-core activities (such as art trading and art investment fund) in 2014 and streamlining of the corporate structure, Artnews S.A. concentrated on a pure-play art media business model and delivered six-fold EBITDA growth in the first six months of 2015 (PLN 2.65 million versus PLN 0.41 million one year earlier) and a healthy 18.5% EBITDA margin validating long-term sustainability of the newly adopted art media business model.

    Apart from the positive effect from full consolidation of the U.S. operating subsidiaries acquired at different times in the first half of 2014, the explosive growth of the digital part of the business was the primary source of revenue increase. E-commerce sales at took off to PLN 0.47 million in sales since offerings were relaunched in April 2015, and online advertising sales nearly quadrupled in Polish Zloty terms in the first half of the year, contributing to 22% of all advertising sales in 1H 2015 compared to 9% a year earlier.

    “Last year we had a clear plan for building the world’s most dynamic art media business. Now I am pleased to report that we have the first set of equally clear and tangible results,” commented Izabela Depczyk, Chief Executive Officer of Artnews S.A., who led the integration of the U.S. assets in Artnews S.A. and their subsequent turnaround.

    In U.S. dollar terms revenues have grown at a strong rate of 25% (from $3.07 million in the 1H 2014 to $3.84 million in the 1H 2015), with EBITDA growth of 423% to $0.71 million. Aside from the successful expansion into significantly more profitable digital media business, Artnews’s move to profitability has been driven by the increase in subscription and newsstand prices for its flagship print magazine, ARTnews, coupled with a growing share of advertising from fashion and luxury consumer brands. After doubling the subscription price in May of this year from $19.95 to $39.95, ARTnews circulation has been reduced to about 50,000 monthly copies, representing a significantly smaller circulation drop than had been anticipated by the management at the start of the year in conjunction with the subscription price increase.

    In addition to strong business performance, Artnews S.A. greatly benefitted from the combination of the weakening Polish Zloty and the relocation of some essential parts of the U.S. operations to Warsaw, which allowed for both a dramatic cut of operating expenses for its core media business in the U.S. and a robust revenue increase, given that most of Artnews S.A. revenues are in U.S. dollars.

    Improved operating profitability allowed Artnews S.A. to reduce net debt in the 1H 2015 by 13.6% in U.S. dollar terms, from $5.73 million to $4.95 million. The company has also reduced its interest cost, completing the last domestic bond refinancing transaction at 8.45% interest rate in Polish currency. Artnews S.A. intends to continue refinancing its existing bonds portfolio with lower interest and longer-term bonds, and while it intends to maintain its net debt at current or slightly higher level, Artnews S.A. is firmly on schedule to reduce its Debt/EBITDA ratio below 3 due to further capital increase (cash position increase) later this year and the acquisition of highly profitable BMP art media assets.

    While Artnews S.A. was firmly profitable on EBITDA basis, it reported the consolidated net loss of PLN 6.73 million for the first six months of 2015, driven by PLN 7.44 million worth of non-cash expenses and adjustments. The biggest source of those non-cash losses (PLN 2.96 million) was the decline in value of Artnews S.A.’s strategic investment in its primary competitor, Germany-listed AG, whose share prices dropped in the first half of 2015. The Artnews S.A. Supervisory Board is currently reviewing the strategic rationale of remaining a shareholder in AG, particularly in light of the planned integration of the art media assets from BMP Holdings LLC that is scheduled for early October, subject to approval by the Artnews S.A. Extraordinary Shareholders Meeting on September 22, 2015.

    In the United States, Artnews Limited, the 100% owned subsidiary of Artnews S.A. and the key business segment of the group, reported net income of $0.21 million for the first six months of 2015 (against $0.33 million loss for the same period of 2014), moving to profitability six months ahead of schedule on 85% revenue increase in U.S. dollar terms ($2.77 million for the first six months of 2015 against $1.50 million for the same period of 2014).

    About Artnews S.A.

    ARTNEWS S.A. is the world’s leading print and the fastest growing online art media business with its media properties including the 113 years old ARTnews and the Art & Business monthly print magazines, and the digital properties and Skate’s art business intelligence unit (  ARTNEWS S.A. is listed at Warsaw Stock Exchange and has its primary operations in New York, USA via Artnews Ltd, the 100% owned subsidiary of ARTNEWS S.A.





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  • 11 /08 2015

    Rada Nadzorcza spółki Artnews S.A. ogłasza planowany termin przejęcia aktywów mediowych poświęconych sztuce od spółki BMP Holdings, LLC należącej do Brant Publication Inc. (PL)


    Po przejęciu, spółka BMP Media Holding LLC stanie się większościowym akcjonariuszem spółki Artnews S.A. posiadającym kontrolny pakiet akcji przekraczający 50%

    Artnews S.A. zwołuje Nadzwyczajne Walne Zgromadzenie Akcjonariuszy, w celu uzyskania zgody na finalizację transakcji

    Mark Korb wyznaczony do pełnienia funkcji tymczasowego Dyrektora Finansowego spółki Artnews S.A.

    11 sierpnia 2015 r., Warszawa – Rada Nadzorcza spółki Artnews S.A. potwierdza postęp Zarządu w związku z planowanym przejęciem aktywów mediowych poświęconych sztuce o przybliżonej wartości 52 milionów PLN od spółki BMP Holdings LLC w zamian za nowo wyemitowane akcje Artnews S.A., które zostaną wyemitowane na rzecz BMP Holdings LLC w zamian za 100% własności w wyżej wspomnianych aktywach, w tym również magazynu Art in America („Transakcja”).

    Wspomniana Transakcja zostanie przeprowadzona na mocy Umowy Inwestycyjnej zawartej w dniu 28 lipca 2015, o zawarciu której Artnews S.A. informowała wraporcie bieżącym nr 38/2015 z dnia 29 lipca 2015r.

    Zarząd spółki Artnews S.A. podjął decyzję w przedmiocie zwołania Nadzwyczajnego Walnego Zgromadzenia Akcjonariuszy na dzień 22 września 2015 r., z zastrzeżeniem ustalenia daty objęcia nowo wyemitowanych akcji na 8 października 2015 r. Artnews S.A. planuje również na tą datę konsolidację przejętych aktywów mediowych.

    Porządek Nadzwyczajnego Walnego Zgromadzenia zawiera punkt dotyczący podwyższenia kapitału, poprzez utworzenie 28.944.035 nowych akcji spółki Artnews S.A., z czego 25.531.132 akcji zostanie wyemitowanych na rzecz spółki BMP Holdings LLC, w zamian za wkład niepieniężny w postaci wyżej wskazanych aktywów mediowych, natomiast 3.412.903 akcji zostanie wyemitowanych na rzecz inwestora prowadzącego specjalistyczną działalność w tymże sektorze, i.e. Skate Capital Corp, za wkład pieniężny w wysokości 9,18 mln PLN (2,69 PLN za jedną akcję). Po zakończeniu planowanych transakcji oraz nabyciu przez BMP Holdings

    LLC innych akcji Artnews, które planowane jest na 8 października 2015 r., całkowita liczba akcji spółki Artnews S.A. będzie wynosić 53.627.418. Spółka BMP Holdings LLC, należąca do Petera M. Branta, stanie się większościowym akcjonariuszem spółki Artnews S.A., który obejmie w posiadanie około 32 miliony akcji stanowiące ponad 50% kapitału spółki. Magazyn Interview jak wcześniej informowano nie jest częścią tej Transakcji i będzie w dalszym ciągu prowadzony przez Brant Publications, Inc.

    W związku z rezygnacją Pana Cezarego Klimonta z Zarządu, który pełnił funkcję Dyrektora Finansowego z jednoczesnym rozwiązaniem z nim umowy, Rada Nadzorcza wyznaczyła Marka Johna Korba do pełnienia funkcji tymczasowego Dyrektora Finansowego spółki Artnews S.A., ze skutkiem od dnia 17 sierpnia 2015 r.

    Pan Korb, biegły rewident i specjalista posiadający ponad 20-letnie doświadczenie w dziedzinie finansów, dołączy do zespołu spółki Artnews S.A. i będzie odpowiedzialny za przebieg procesu integracji aktywów mediowych które mają być przejęte od spółki BMP Holdings LLC, przekształcenie standardów sprawozdawczości finansowej spółki Artnews S.A. na standardy zgodne z MSSF i następnie wprowadzenie akcji spółki Artnews S.A. na główny parkiet Warszawskiej Giełdy Papierów Wartościowych i na giełdę w Niemczech w następnym roku.

    O Artnews S.A.

    Artnews S.A. to światowy lider branży publicystycznej związanej ze sztuką i najszybciej rozwijająca się platforma internetowa w obszarze mediów poświęconych sztuce. Do spółki tej należą miesięczniki ARTnews oraz Art & Business, strony i, a także Skate’s. Spółka Artnews S.A. jest notowana na Giełdzie Papierów Wartościowych w Warszawie na rynku NewConnect; Spółka prowadzi główną działalność operacyjną w Nowym Jork poprzez Artnews Ltd., podmiot zależny stanowiący 100% własność Artnews S.A.

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