(Alliance News) - Reach PLC is the preferred bidder for JPI Media Ltd's regional newspapers, the Financial Times reported on Tuesday.
The FT reported that "according to two people briefed on the negotiations", Reach had emerged as frontrunner in the bid for JPI's regional newspaper assets like the Yorkshire Post, The Scotsman, and Sussex Express. One of the two sources briefed "said Reach entered exclusive talks last week".
According to the newspaper, Reach's bid is likely to be "close to GBP50 million" but will not include JPI's newspaper the i, as Daily Mail & General Trust PLC is already in exclusive talks for the title.
"Reach, JPI and DMGT declined to comment," the FT reported.
https://www.ft.com/content/36542bc0-e9b9-11e9-85f4-d00e5018f061
In July this year, Reach confirmed it was in the early stages of discussions to buy some assets from JPI Media. JPI Media is a multimedia company that took over the assets of Johnston Press following the sale of the company to its creditors.
This would be another major buy for Reach, formerly known as Trinity Mirror, which agreed to pay GBP127 million for the the Express and Star newspapers back in February 2018.
By Anna Farley; annafarley@alliancenews.com
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Reach Plc (RCH)