Japan's Nikkei buys 5% stake in London-based magazine Monocle

Japanese media giant Nikkei has bought a 5 per cent stake in Monocle, the London-based global affairs magazine.

The purchase values Monocle at over US$100 million.

Nikkei chief executive Tsuneo Kita said that under the leadership of Monocle chairman Tyler Brûlé, the magazine has grown rapidly to boast a core readership of thought leaders around the world.

"Through this wide-reaching partnership, the Nikkei Group will be able to further boost its global reach," he added.

The two firms said in a joint statement on Tuesday that they see immediate opportunities to bolster their positions on newsstands across Asia.

"This is the perfect partnership for Monocle," said Mr Brûlé.

"Given Nikkei's editorial reach, there are many areas where we can work with Nikkei correspondents to strengthen our coverage in various regions while also supporting the Nikkei Asian Review via Monocle's established distribution networks."

Monocle is sold on newsstands and has subscriptions in over 100 markets worldwide and has a business model combining print, broadcast, retail, e-commerce and books.

The Nikkei Asian Review is also available throughout the globe, both online and in print. Through sharing international newsstand and subscription intelligence, both brands aim to grow their global presence even further.