The owner of the Daily Mail has emerged as the frontrunner to buy the i newspaper after being asked to enter exclusive talks by the i’s parent, JPI Media.
Daily Mail & General Trust is involved in an auction of assets put up for sale by JPI Media, formerly known as Johnston Press, which publishes more than 200 regional titles including The Scotsman and Yorkshire Post.
DMGT, the parent of the Daily Mail, Mail on Sunday and Mail Online, is yet to make a final decision , it is understood, but is expected to enter into exclusive talks within days.
“DMGT regularly assesses market opportunities to take advantage of its scale in business to business information services and consumer media operations,” said a spokesman for the company. “As a matter of policy, however, we do not comment on speculation concerning any individual asset that might or might not be for sale.”
It is understood that JPI Media is aiming to get as much as £75m for the i, its crown jewel title, which makes well over £10m in profits a year.
DMGT, which also owns the free sheet Metro, attempted to acquire the i last year for £24m just before Johnston Press was put into administration after being brought to its knees by a £220m debt burden. The 252-year-old publisher’s lenders took control of the business and in July moved to put the business up for sale.
Reach, the owner of the Mirror and Express titles as well as regional brands including the Manchester Evening News, is also been in discussions about potentially acquiring some of JPI Media’s assets.
Others involved in the discussions include Mediahuis, the Belgian media group which acquired Irish publisher Independent News & Media for £133.3m in April, and the regional newspaper publisher Newsquest.
