Reach confirms JPI Media talks
Reach has confirmed this morning that it’s in “early stages” of talks to acquire “certain JPI Media assets.”
In a statement to the Stock Exchange, the publisher said:
“The Board of Reach plc notes the recent media speculation and confirms that it is in the early stages of discussions in relation to acquiring certain of JPI Media's assets.
“As has been previously stated by the Company, regular consideration is given to merger and acquisition opportunities which would accelerate its strategy. There can be no certainty at this stage that these discussions will lead to an agreed transaction.
“A further announcement will be made if and when appropriate.”
Johnston Press went into administration in November last year and was sold to a consortium of 4 lenders, CarVal, Fidelity, Benefit Street Partners and Goldtree Asset Management the following day.
The new company, JPI Media announced earlier this month that it was in talks to sell titles, including The Yorkshire Post and Sheffield Star.
Now it appears Reach may add to its portfolio, just 12 months after its £127m acquisition of Express Newspapers.