Johnston Press has this morning announced that it is buying Regional Independent Media, publisher of 53 regional newspapers, in a £560 million deal.
Commenting on the acquisition, Roger Parry, chairman of Johnston Press, said: “This is a transforming acquisition for Johnston Press at a fair price. RIM is an excellent fit with Johnston Press and significantly strengthens our position in the consolidating UK regional newspaper market.”
The sale does not include three RIM subsidiaries; the online customer relations management company atmyside, the co-operative direct mail business Direct Media Solutions and the business magazines and online database of Newsco-Insider.
Chris Oakley, chief executive of RIM, said: “Our managers and staff have made the RIM titles leaders in editorial quality, in innovation and in profit generation. I know Johnston Press is fully aware of the strengths of the titles it is acquiring, the principal strength being the quality and commitment of its staff.”
Shares in Johnston Press had risen from an opening price of 342½p to 365p by 10.30am, following the announcement.