Ascential plc, organiser of the LIONS events and Money20/20 has announced the completion of the sale of its Digital Commerce business to Omnicom Group Inc.
Consequently, the company said, Duncan Painter has stepped down from the Board of Ascential plc and the position of chief executive officer. He will now serve as CEO of Flywheel Digital, a new practice area within Omnicom. In addition, independent non-executive directors Joanne Harris and Charles Song also stepped down from the Board of Ascential as of 2 January.
The company announced Philip Thomas (pictured) as executive director and CEO of Ascential with immediate effect. He began his career as a journalist, working on national and international magazines and newspapers, and editing Empire, the UK’s biggest-selling movie magazine, before moving into publishing and becoming managing director of FHM worldwide, launching the iconic men’s magazine in more than 30 countries.
Thomas was appointed MD of Emap’s Australian and South East Asian division, based in Sydney for three years, before returning to the UK and being appointed CEO of Lions Festivals. He is chairman of Cannes Lions.
Scott Forbes, chairman, Ascential said: “On behalf of the Board I would like to thank Duncan for his stewardship of Ascential over the past 12 years. Under his tireless and visionary leadership, each of our portfolio businesses have been truly transformed to meet the challenges of the modern era. We wish Duncan continued success in the next chapter of his career with Omnicom.”
Welcoming Thomas to the Board as CEO, the chairman said described him as “a long-serving and well-respected leader” within the business, with an excellent track record.
Ascential also announced it had agreed a new, four-year, multi-currency revolving credit facility (RCF) of £200m with a syndicate of banks. This new facility will become effective when Ascential’s existing £450m RCF is fully repaid and cancelled following the completion of the Digital Commerce sale.
The new facility includes an accordion to raise additional debt amounts of up to £25m by March 2024 and further amounts of up to £75m over the life of the facility.
Ascential also noted all required regulatory clearances have been received in respect of the sale of its product design business, WGSN, to Wind UK Bidco 3 Limited (a newly formed company established by funds advised by Apax Partners). The sale of WGSN is therefore due to complete at the beginning of February 2024.
