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You can find the current article at its original source at https://www.theguardian.com/business/2018/oct/11/johnston-press-puts-itself-up-for-sale-i-newspaper-yorkshire-post
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| Johnston Press, owner of i newspaper, puts itself up for sale | Johnston Press, owner of i newspaper, puts itself up for sale |
| (35 minutes later) | |
| Johnston Press, which owns titles include the i newspaper, the Scotsman and the Yorkshire Post, has put itself up for sale. | |
| The beleaguered publisher, which owns almost 200 regional newspapers, had become bogged down in negotiations with bondholders over a £220m refinancing due in June that it cannot afford. | The beleaguered publisher, which owns almost 200 regional newspapers, had become bogged down in negotiations with bondholders over a £220m refinancing due in June that it cannot afford. |
| In a statement to shareholders, the company said: “Since commencing the strategic review of financing options first announced in March 2017, the company has focused on exploring all options available. | In a statement to shareholders, the company said: “Since commencing the strategic review of financing options first announced in March 2017, the company has focused on exploring all options available. |
| “In order to assess all strategic options to maximise value to its stakeholders, the board of Johnston Press announces that it has decided to seek offers for the company.” | “In order to assess all strategic options to maximise value to its stakeholders, the board of Johnston Press announces that it has decided to seek offers for the company.” |
| The publisher, which is using Rothschild bank to manage the process, would prefer to sell the business as a whole entity. However, rival publishers and interested parties are likely to focus on its most desirable assets. | The publisher, which is using Rothschild bank to manage the process, would prefer to sell the business as a whole entity. However, rival publishers and interested parties are likely to focus on its most desirable assets. |
| The i newspaper, which Johnston Press bought from the Independent and the Evening Standard owner, Evgeny Lebedev, for £24m in 2016, is considered to be its most valuable title. The newspaper has performed well since the acquisition and is on track to make up to £12m in profit this year, which would suggest a potential price tag of £60m. | The i newspaper, which Johnston Press bought from the Independent and the Evening Standard owner, Evgeny Lebedev, for £24m in 2016, is considered to be its most valuable title. The newspaper has performed well since the acquisition and is on track to make up to £12m in profit this year, which would suggest a potential price tag of £60m. |
| The i is likely to draw strong interest. When Lebedev quietly sounded out potential buyers for the title, Reach – the parent company of the Mirror and Express titles – expressed an interest but was not willing to pay the amount Johnston Press eventually stumped up. | |
| In an internal email, David King, Johnston Press’s chief executive, sought to reassure staff about the future of the business. | |
| “This process is about securing a positive future for Johnston Press,” he said. “In the meantime, it is business as usual. Johnston Press is a strong and resilient business with good profits and strong profit margins, great people and prestigious titles. I am certain that whatever the future ownership of the company, we will continue to produce our titles long after the end of the strategic review.” | |
| Johnston Press’s biggest shareholders include the activist fund Crystal Amber, run by Richard Bernstein, and Christen Ager-Hanssen, who last year looked to oust Johnston Press’s board in a plan involving the former Scottish first minister Alex Salmond. | Johnston Press’s biggest shareholders include the activist fund Crystal Amber, run by Richard Bernstein, and Christen Ager-Hanssen, who last year looked to oust Johnston Press’s board in a plan involving the former Scottish first minister Alex Salmond. |
| In May, Ashley Highfield, a former BBC and Microsoft senior executive, stepped down as chief executive of Johnston Press after seven years. The business is being run by King, who was previously chief financial officer. | |
| Johnston Press has struggled over the past decade to reduce a debt pile that stood at well over £400m; built up from a string of acquisitions made before the arrival of Google and Facebook hammered the profitability of newspapers. | |
| Johnston Press | Johnston Press |
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