Acquisition

Future Network PLC
31 October 2003



31 October 2003


                             THE FUTURE NETWORK PLC

                   Acquisition of Guitar One magazine in USA

The Future Network plc ('Future'), the international magazine Group, today
announces that it has acquired the title and goodwill of the US's second
best-selling guitar magazine Guitar One from Cherry Lane Magazines LLC.  The
acquisition price is £1.5m ($2.5m) in cash.  Both before and after the
transaction, Future has positive net cash.

This represents Future's second acquisition of a guitar magazine business in the
US.  In September 2003, Future acquired the title and goodwill of the leading US
guitar magazine, Guitar World, and related titles.

For the six months to June 2003, average monthly circulation of Guitar One was
140,000 copies; the corresponding average for Guitar World was 180,000.

Turnover for the year ended 31 December 2002 for Guitar One was $4.7m and the
estimated profit attributable to the assets being acquired was $0.4m.  The
business is being acquired free of financial debt and nine staff are
transferring to Future's New York office as part of the acquisition.

Future anticipates that the acquisition will enhance 2004 adjusted earnings per
share.  Future expects to achieve a post-tax return on investment in excess of
its weighted average cost of capital on its investment in Guitar One by 2005.

Expansion strategy

During 2003 Future has announced four acquisitions, for a cash total of £18.2m.
Total turnover of the 11 titles acquired amounted to £23.2m (in respect of their
financial years ended during 2002) and the average monthly circulations for the
most recently reported periods totalled approximately 640,000 copies. Future
expects each transaction to contribute positively to group earnings in 2004.

The group is committed to expand sensibly both by magazine launches and by
selective acquisitions.  During 2003 to date, 11 magazines have been acquired
and 13 titles launched.  As announced on 16 September, the group expects to
commit no more than £2.5m in respect of 2003 net losses (measured at the gross
contribution level) to launches.



Commenting on the acquisition, Future Chief Executive Greg Ingham said:

 'The acquisition of Guitar One is consistent with our strategy of strengthening
our centres of excellence.  Future already publishes the leading guitar
magazines in both the UK and the US, and this is a further useful step in
carefully building on the strength of our US portfolio.'



Enquiries:

The Future Network plc
Greg Ingham, Chief Executive                          Tel: [phone]
John Bowman, Finance Director                         Tel: [phone]

Hogarth Partnership
James Longfield/Georgina Briscoe                      Tel: [phone]



About The Future Network plc

The Future Network plc was founded in the UK in 1985.  Today, it publishes over
90 specialist consumer magazines worldwide, is the world's leading publisher of
games magazines and is the fifth largest magazine publisher in the UK.

Having entered the UK guitar magazine market in 1994, Future now publishes Total
Guitar, Guitarist, Guitar Techniques and What Guitar  which together have clear
leadership of the UK guitar magazine segment.

Future employs around 1,000 people in offices in the UK, US, France and Italy.
Nearly 100 international editions of Future's magazines are also published in 30
other countries across the world. The company is listed on the London Stock
Exchange (symbol: FNET).

Future announced on 16 September 2003 its financial results for the half-year to
30 June 2003.  Future reported an adjusted operating profit of £6.5m on turnover
of £80.6m; and net cash at 30 June 2003 of £17.3m.


                      This information is provided by RNS
            The company news service from the London Stock Exchange