Daily Mail owner buys New Scientist magazine for £70m

(Sharecast News) - The publisher of the Daily Mail said it had bought the weekly science and technology magazine New Scientist for £70m in cash.
Daily Mail and General Trust (DMGT) said it had purchased the 65-year London-based old title from a group of individual investors led by Sir Bernard Gray.

New Scientist is forecast to make £7m in profits and more than £20m in revenues this year, DMGT said in a statement.

"New Scientist is a world-renowned publication loved by its readers, and we are both thrilled and proud to welcome it to the DMGT family," said Lord Rothermere, the chairman of the Daily Mail and General Trust, the parent of the Mail, Metro and i newspapers.

"We are very much looking forward to supporting their exciting plans to grow as the go-to publication for anyone interested in the scientific world around us."

Founded in 1956, the publication has a weekly circulation of around 120,000.