Last checked at (Sharecast News) - The Daily Mail and General Trust has agreed to buy the i newspaper from JPI Media - formerly Johnston Press - for £49.6m in cash.
Lord Rothermere, chairman of DMGT, which owns the Daily Mail and Metro, said: "We are delighted to welcome the i to our stable of media brands. It is a highly respected publication with a loyal and engaged readership. We are committed to preserving its distinctive, high quality and politically independent editorial style.
"The acquisition of the i is both strategically and financially compelling for DMGT and there is scope for potential synergies in the future, notably from dmg media's existing infrastructure and in advertising sales."
He said the business will benefit from DMGT's "long-term approach and commitment" to investing in editorial content.
"We also see good opportunities to develop inews.co.uk, a growing digital media asset," he said. "Financially, the i will be a strong cash generator for the Group as we continue to invest across the portfolio, both organically and through acquisitions."
Publishing company Reach said earlier on Friday that it had ended discussions with JPI Media about the possible acquisition of some of its titles.
31 Aug 2021 09:12
Liberum says Reach at an inflection point, starts at 'buy'
(Sharecast News) - Liberum initiated coverage of newspaper and magazine publisher Reach on Tuesday with a 'buy' rating and 475p price target as it said the shares have done well in recent months, but are at the start of the next growth phase.
Read more