Johnston Press up for sale

 

Johnston Press has put itself up for sale after months of speculation about the company’s future. The group, which owns hundreds of titles including the i newspaper, jobstoday, The Yorkshire Post and The Scotsman, said it is seeking offers for the company.

The decision is part of a strategic review, which JP launched in 2017 to assess options for refinancing £220m of bonds due for repayment next year.

The company said it is not currently in discussions with any potential buyers.

JP’s CEO David King said: “A sale to a suitable buyer is one of the options available to us as we explore ways to repay our debts and deal with our pension fund deficit. However, there is no certainty that a firm offer will emerge from this process.

“This process is about securing a positive future for Johnston Press. 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.

“Our newspapers and websites continue to perform well against a tough market backdrop. We made £6.2m in pre-tax profits in the first six months of the year.”

Speculation that the publisher would be sold has been growing since it announced the strategic review in March 2017.

 

Thursday, 11 October 2018

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