Daily Mirror owner Reach ‘joins race to buy JPI Media’
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Reach, the owner of the Daily Mirror and Daily Express, is said to have thrown its hat into the ring to buy JPI Media, which owns the i newspaper.
The firm, formerly known as Trinity Mirror, has reportedly sent an indicative offer for the company which owns hundreds of regional titles.
The news was first reported by Sky News.
JPI Media was formed last year to buy out Johnston Press, which was taken over by creditors.
Reach is said to be interested in buying most of the media titan. It has already bought out Express and Star newspapers and celebrity magazine OK.
The firm saw profits rise to £145.6m last year, up from £124.7m in 2017.
If the takeover goes ahead, the new firm would hold local newspapers including the Scotsman, Manchester Evening News, the Yorkshire Post and the Daily Record.
Read chief executive Simon Fox said in the firm’s most recent annual report that it would “continue to consider merger and acquisition opportunities which would accelerate our strategy where the financial case meets our requirements”.
Reach shares closed at 80.7p today, giving it a £222m market value. Over the last year, this has risen 12 per cent.
A source told Sky News the firm’s interest may not amount to a formal bid, and that the value of the indicative offer was unclear.
The Daily Mail and General Trust made an offer for the i before it went into administration in November, but is said to be less interested in the current auction process.
Main image: Getty