just had a quick google – Immediate Media was formed by a merger of Magicalia (that used to own BikeMagic, Golf Magic etc) and BBC Magazines. The group still owns the *magic brands (apart from bikemagic that is owned by Factory Media) but has now purchased What Mountain Bike, Bike Radar, Cycling Plus, Road Cycling and a load of related websites.
…Which I think means that the old parent company to BikeMagic now owns many of the main cycling magazine brands with the exception of SingleTrack, Cycling Weekly and BikeMagic which is pretty much dead anyway. Meanwhile STW are launching their first new brand in the form of Grit Cx and Factory Media will need to write off their entire investment in BikeMagic as there’s no market for it now and it’s almost impossible to scale given the lack of a print edition.