So the TES now has new owners. Once again they are an American Group. The new owners are Providence Equity Partners. https://www.tes.com/tesglobal/articles/tes-announces-new-owners
At least, being headquartered on the East Coast of the USA, they are nearer the TES HQ than the former owners in Texas. Providence as a Group also invest in Autotrader that made a successful transition from print to on-line advertising and Burning Glass, a company that provided data for the Home Office’s Migration Advisory Committee study into teaching and subjects that should be eligible for Tier 2 visas in January 2017. Both may be able to provide helpful advice and expertise to the TES brand under Providence’s guidance.
Hopefully, Providence did more due diligence on the teacher recruitment market in England than just to rely upon the data Burning Glass, presented to the Migration Advisory Committee (MAC) that then appeared as Figure 4.4 of the MAC Report in January 2017. The manner in which Burning Glass counted job postings was very inclusive and over-estimated actual demand for teachers. You only have to look at the data for August in Figure 4.4 to recognise the difference between postings and vacancies.
The question for Providence that will have undoubtedly considered before they made their offer is, can the recruitment side of the TES be made profitable, in the face of the DfE’s new free job site and the development of the TeachVac brand (where I am chair of the Board), with the help it can receive from other Providence investments? In addition, can the resources side of the TES business be made more profitable as part of a larger global enterprise? It might also be worth adding, can the education journalism side be developed into a global platform providing information and news to other Providence media investments?
What will happen to the TES team? Will Lord Jim Knight become chairman or even President of the company? Alternatively, has Providence already lined up a new team to take over the helm from the existing management team, as is sometimes the case when a company changes owners after a sale?
In the past, the recruitment income has been a key source of revenue for the TES, especially once reader subscription income started to disappear, as print was replaced by the move on-line. However, the TES is now a significant provider of initial teacher training. Will the new owners see this either as a distraction or alternatively as a possible avenue on which to develop a significant CPD business with a global reach? It goes without saying that the recruitment business will be developed into one with a significant presence in the global market for teachers. This is, after all a large and growing market.
As a former employee of the Times Supplements, after they bought my company just as the recession hit world stock markets, I am interested in seeing how the new owners will develop the title. As a competitor in the recruitment market though TeachVac, I am interested to see how quickly the new owners will move and whether there will be developments in time for the 2019 recruitment round that will peak in the spring. But, maybe Providence’s pockets are deep enough to not worry about 2019 and they will start to focus on 2020 and beyond.