LONDON (Alliance News) - Johnston Press PLC on Monday said it is selling its Isle of Man titles to local newspaper publisher Tindle Newspapers Ltd for GBP4.3 million, following a competitive tender process.
Johnston Press, a regional newspaper publisher, said it has agreed to sell the Isle of Man Examiner, Isle of Man Courier, Max Independent and www.iomtoday.co.im to Tindle, in line with its divestment strategy to align resources to brands and geographies offering the greatest growth opportunities.
Johnston Press said the sale will be effected by its subsidiary Isle of Man Newspapers Ltd, with the GBP4.3 million in proceeds to support Johnston's on-going investment in "preferred markets" and to further deleverage the company.
Isle of Man Newspapers posted a pretax profit of GBP598,000 for the year ended December 31 and had gross assets of GBP1.8 million at that date.
"This disposal is further progress in executing our divestment strategy and allows the group to realise immediate value from our Isle of Man assets," said Chief Executive Ashley Highfield.
Shares in Johnston Press were down 1.4% at 17.25 pence on Monday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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