Daily Mail owner to buy ‘i’ newspaper for £49.6m
The owner of the Daily Mail newspaper has announced that it has bought rival the “i” newspaper in a deal valued at £49.6m, subject to regulatory approval.
DMGT said its Consumer Media business has acquired the 'i', the UK national newspaper and website, from JPI Media Limited for £49.6m cash consideration.
The 'i' has an established reputation for quality journalism with retail sales of approximately 170,000 newspapers each weekday and over 190,000 copies of the iweekend each Saturday.
The website, inews.co.uk, attracts approximately 300,000 daily unique browsers, DMGT said.
CMA to review
In 2018, the 'i' generated £11m in cash operating income and operating profit from £34m revenue. It is anticipated that the acquisition will be reviewed by the UK Competition and Markets Authority.
Lord Rothermere, Chairman of DMGT, commented: "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.
“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.
“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."