Member Article

150 jobs at risk as Johnston Press agrees to £24m purchase of the i newspaper

Scottish multimedia company Johnston Press, which publishes the Scotsman newspaper, has agreed to buy the i newspaper from Independent Print Limited for £24m.

In a statement to the stock market, the publishing company confirmed that it had agreed to a deal which would see it acquire the national daily UK newspaper.

It comes as London-based Independent Print Limited confirms the closure of the Indepedent and Independent on Sunday newspapers as it focuses on the Independent website.

The move, which makes it the first national newspaper to go wholly online, may put 150 jobs at the paper in jeopardy, despite claiming that the move will create 25 new online content roles.

Commenting on the acquisition, Ashley Highfield, Chief Executive of Johnston Press said: “This is a transformational acquisition for Johnston Press and an important step towards delivering our long-term strategy. i is a highly regarded newspaper with a clear market position and a loyal readership.

“By joining with Johnston Press the combined circulation will be equal to 9% of national daily circulation, making us the fourth largest player in the market.

“This enhanced reach represents a significant growth opportunity for Johnston Press in terms of national print and digital advertising revenue. It also rebalances our revenues towards less volatile circulation revenues.

“With our considerable digital experience the combination of Johnston Press and i will also allow us to grow digital audiences and revenues through the creation of inews.co.uk.

“We are delighted with the positive reaction of Shareholders to the deal and are excited by the opportunities this acquisition brings. We look forward to working with the team at i as we deliver the next phase of Johnston Press strategy.”