David Montgomery’s National World buys JPI Media (Sheffield Star, Yorkshire Post, Scotsman etc) for just £10.2m.
Full release here https://www.investegate.co.uk/national-world-plc/rns/acquisition-of-jpi-group-and-directorate-change/202012311300083276K/
Note that only just over half the price is being paid up front. in cash. Next lump not due til March 2022. And it's all funded by debt paying a coupon of 10pc (!!!) This is a hail mary.
15 years since the Scotsman alone was sold for £160m https://www.theguardian.com/media/2005/dec/19/johnstonpress.citynews
Johnston Press buys Scotsman

11.05am: Regional publisher Johnston Press has bought the Scotsman newspaper group from the Barclay brothers in a £160m deal. By Chris Tryhorn.

https://www.theguardian.com/media/2005/dec/19/johnstonpress.citynews
Seems very unlikely that this has been a lucrative venture for the hedge funds who took control of Johnston Press when it went bust in 2018. JPI Media started with debts of £85m and was injected with £35m cash. The sale of the i to DMGT raised £50m. Here's only another £10m.
You can follow @cg_williams.
Tip: mention @twtextapp on a Twitter thread with the keyword “unroll” to get a link to it.

Latest Threads Unrolled:
Those who think consciousness raising & movement building are disconnected, or even a distraction from electoral politics have not paid attention to the history of social change.In this thread, we
Read more
The 2020s will be known as the Remote Work decadeA few predictions of what is likely to emerge[ a thread ] Third Space: Office and Working from Home will
Read more
1/29: Have you ever had a concept explained to you that helps frame complex issues you’ve been wrestling with and opens your eyes to new possibilities? A concept that I
Read more
By continuing to use the site, you are consenting to the use of cookies as explained in our Cookie Policy to improve your experience.