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Johnston Press in talks to buy i newspaper Johnston Press in talks to buy i newspaper
(about 2 hours later)
Johnston Press has confirmed it is in advanced talks to buy the cut-price national daily newspaper - the i - for about £24m. Johnston Press has confirmed it is in advanced talks to buy the cut-price national daily newspaper - the i - for about £24m.
The Edinburgh- based company, which owns The Scotsman and more than 200 other titles, said the deal would create the UK's fourth largest print publisher with more than 600,000 paid copies a day. Johnston, which owns The Scotsman and more than 200 other titles, said the deal would create the UK's fourth largest print publisher with more than 600,000 paid copies a day.
The i newspaper is part of the group that publishes The Independent and is owned by the Lebedevs. The i newspaper is part of the group that publishes The Independent.
It is controlled by Russian tycoon Alexander Lebedev and his son Evgeny.
The i became Britain's first new daily national newspaper in nearly 25 years when it launched in 2010 with a cover price of 20p.
The talks raise questions about the future of its sister publication, The Independent. Two years ago, Evgeny Lebedev suggested the newspaper could be for sale if somebody "offers the right price" but it has not changed hands since then.
'Late stage discussions'
In a stock market announcement, Edinburgh-based Johnston said: "The board of Johnston Press plc notes the recent media speculation and confirms that it is in late stage discussions with Independent Print Limited (IPL) for the potential acquisition of the business and certain assets of the i.​
"There can be no certainty that the discussions between the company and IPL will lead to any definitive agreement concerning the possible acquisition or as to the final terms of any such agreement.
"Completion of the acquisition would be subject to the approval of shareholders of the company.
"The consideration for the proposed acquisition is likely to be £24m, to be provided from the group's existing cash resources."
"In the year ended 30 September 2015, the i had unaudited operating profit of £5.2m."
The company added that a further announcement would be made "when appropriate".
Johnston Press recently revealed plans to cut editorial jobs across its operations in the UK as part of a bid to reduce costs following a decline in revenue.
Shares in the publisher rose earlier this month after it said it expected a major reduction in its pension scheme deficit.