The i, the UK-based daily newspaper website, has been sold to LSE-listed DMGT for £50m
The i is a daily newspaper and news website, regarded as the most trusted news brand in the UK. With readership across the country, it is a producer of quality, concise and politically-neutral content focused on news, politics, arts & culture, the environment and health.
The i newspaper has retail sales of approximately 170,000 newspapers each weekday, reaching to over 190,000 copies of the iweekend each Saturday. Its website, inews.co.uk, attracts approximately 300,000 daily unique browsers and overall the company made an operating profit of £11m from £34m of revenues in 2018.
DMGT is a publicly listed company on the London Stock Exchange with a current market capitalisation of £1.65 billion. Its business activities include consumer publishing (notably the Daily Mail, Mail on Sunday and Metro), exhibitions and information businesses.
The acquisition of the i newspaper will make DMGT the second biggest owner of UK newspapers in the UK, having been a leading publisher in UK news for over 120 years and their experience and industry knowledge will allow the i to continue to build and develop their business.
Lord Rothermere, DMGT chairman, said the i was a “highly respected publication with a loyal and engaged readership”. He added, “We are committed to preserving its distinctive, high quality and politically independent editorial style. 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.”
The i was acquired from a consortium of hedge funds behind JPI Media (formerly Johnson Press) for £50m, having bought the asset in 2016 for £24m.
“Stella EOC ran a well-structured process exploring various transaction structures with multiple bidders. The Stella EOC team all worked tirelessly with management to deliver a successful outcome for JPI Media and its stakeholders.”