Morgan Scoops Press Gazette From Quantum

Former Daily Mirror editor, Piers Morgan, has secured an agreement with Quantum Business Media to purchase its Press Gazette title, working in a partnership with PR heavyweight Matthew Freud to take control of the trade magazine for around £1 million.

The deal is due for completion within days, according to reports, with Morgan telling the Times newspaper: “We have agreed a deal in principle and we hope to complete in the middle of next week.”

The move will see Morgan back at the helm of a national title, although this time he will act as proprietor rather than editor. The ownership change will also see the title move from its Croydon offices and into central London.

It is believed that Freud will be the majority stake-holder in the venture, but will leave the day to day running to Morgan, who has sparked rumours of a complete overhaul in order to make the title more respected by the UK’s national newspapers.

The editorial revamp could see the title shift its focus from business to business and regional titles and towards national newspapers. However, fears have been raised that such a move would leave regional businesses without a trade title of their own.

The sale of Press Gazette will complete Quantum’s programme of disposals, which has seen it offload some of its highest-profile properties. Earlier this month saw Haymarket Publishing confirmed the purchase of Media Week, Eye magazine, Packaging News and AV magazine from Quantum (see Haymarket Closes Deal On Media Week Purchase).

Quantum Business Media: 020 8565 4200 www.quantumbusinessmedia.com