Tue, 29 Mar 2016 | DIVISION SALE
Johnston Press is planning to either sell off or significantly reduce the running costs of a number of its ‘non-core’ local newspapers throughout 2016.
The move comes as the distressed newspaper publisher looks to cut its levels of debt and return to paying dividends. It also follows a year of heavy cost cutting and the selling of 18 titles in its roster.
In Johnston Press’s recent full year results, a statement read: “We have identified a number of newsbrands that are now considered non-core and as such will be either divested or run with less costs, reflecting the medium-term outlook for the identified assets that fall into this category.
"The company will run a formal process, with advisers, to market defined asset groups for sale during 2016. Interest by third parties, enquiring about assets, has been encouraging so far.”
The newspaper group acquired Evgeny Lebedev’s i newspaper for around £25 million earlier this year. However, Johnston Press simultaneously announced a plan to cut 3,000 jobs across its regional brands.
Johnston Press is the fourth largest news publisher in the UK. The titles under threat include the Weekend Herald, Scotland on Sunday, West Sussex Gazette and South Yorkshire Times. A total of 59 local newspapers are currently under review.
Earlier this month, four Labour MPs in Nottinghamshire wrote to Johnston Press chief executive Ashley Highfield to seek assurances “that these newspapers will continue to have an important role to play in the company going forward because we believe that they are key assets to our local communities”.
Gloria De Piero, one of the aforementioned MPs, added: “We urge the Secretary of State for Culture, Media and Sport to ensure that staffing levels at the newspapers are maintained to a level that does not cause unacceptable stress to the employees who work there and which enabled the newspapers to continue their good work informing local people, championing local causes and scrutinising local democracy.”
Head to the resources section for more information about Buying a Business or see the latest businesses for sale.
Luxury kennels and cattery with professional grooming parlour (licensed for 142 dogs and 26 cats) in Peterborough for Sale. An opportunity to acquire this luxury kennels and cattery with stunning spacious four bedroom detached residence which must be...
LEASEHOLD
The business has been established for a number of years and has been owned and operated by the founder since that date. Offers invited.
FREEHOLD
Situated in the heart of Ilkley town centre just off the busy Brook Street. The yard is a stylish bar offering a wide range of drinks, good, quality food, music with varied DJ’s and live artists all encompassed in an interesting layout. Offers invite...
FREEHOLD
|
22
|
|
Mar
|
Scunthorpe nightclub up for sale | BUSINESS SALE
A former nightclub based in Scunthorpe has been put up for s...
|
21
|
|
Mar
|
Kent Logistics provider completes a successful acquisition | BUSINESS SALE
A Kent-based personalised logistics provider, backed by Livi...
|
20
|
|
Mar
|
Warrington construction company enters administration | ADMINISTRATION
A prominent construction business headquartered in Orford Gr...
Sign up to receive our acquisition alert emails to get your FREE guide
|
11
|
|
Oct
|
Publisher of The Scotsman and Yorkshire Post up for sale | BUSINESS SALE
Following a strategic review assessing options for paying ba...
|
13
|
|
Nov
|
Johnston Press to sell off more UK regional newspapers | BUSINESS SALE
Johnston Press, the owner of the Yorkshire Post and The Scot...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources