Reach Plc, publisher of newsbrands including the Mirror and the Daily Express, has confirmed that it is in the early stages of discussions to buy “certain assets” of JPI Media.
The confirmation has been issued in response to media speculation, with the news first reported by Sky News.
JPI Media was formed by creditors last year to buy out Johnston Press after the publisher fell into administration.
The company owns a number of local newsbrands, including the Scotsman, The Falkirk Herald and the Yorkshire Post, as well as the national newspaper the i.
According to the latest ABC circulation figures for May, the i has a circulation of just under 230,000. Meanwhile, PAMCo data for the second quarter of 2019 puts the newsbrand’s total monthly brand reach across all platforms at 6.2 million.
“As has been previously stated by the Company, regular consideration is given to merger and acquisition opportunities which would accelerate its strategy,” Reach said in a statement arranged by Simon Fuller, chief financial officer and company secretary.
“There can be no certainty at this stage that these discussions will lead to an agreed transaction.”
Reach, formerly known as Trinity Mirror, acquired both the Daily Express and Star newsbrands, as well as celebrity magazine OK!, from Northern & Shell in February last year.
The publisher’s most recent trading update said the integration of those newsbrands “continues to progress well”, and is on track to deliver synergy savings of at least £20 million per annum by 2020.
Meanwhile, according to Sky News, DMGT – publisher of the Daily Mail – made an offer for the i before it went into administration in November, but is said to be less interested in joining the current auction.
This article was amended on 18 July, as the original mistakenly claimed that the Manchester Evening News is owned by JPI Media. It is actually owned by Reach.
