Back in 2007, what was then the consumer publishing division of mag publisher Emap bought YoSpace, a provider of technology for sharing content via mobile phone, for at least £8.7 ($13.77) million.
But now Bauer, which subsequently bought the Emap division, has off-loaded it for just £1, ($1.58) Telegraph.co.uk found in Bauer’s 2009 accounts.
Telegraph.co.uk: “Bauer provided no detail on why it had chosen to dispose of the businesses but said both decisions were made after a thorough review. It said the Yospace disposal would not have ‘a material impact on the company.'”
At the acquisition time, YoSpace wasn’t even profitable; it lost £480,000 ($759.39) in its most recent annual results at the time.
As we wrote at the time: “YoSpace