In October 2014, UBM announced it would acquire Advanstar Communications for a fee of $972 million. In November 2014 UBM plc CEO, Tim Cobbold, announced a new Events First strategy By 2015, UBM had rebranded itself as primarily focused on B2B events. Reflecting this, 82 percent of its business in 2016 derived from events and only 18 percent from other marketing services. In December 2015, UBM announced the sale of PR Newswire to Cision for $841 million, subject to regulatory approval. UBM had owned the company since 1982. Some analysts interpreted this as a further step in the transition from a diverse media company to a B2B events company. In June 2016 UBM plc announced the completion of the sale of PR Newswire to Cision. In the same month UBM reached agreement to divest its electronics media portfolio to an affiliate of Arrow Electronics Inc. for a cash consideration of $23.5m. The portfolio comprises the US and Asian versions of EE Times, EDN, ESM, Embedded, EBN, TechOnline and Datasheets.com.