Daily Mail and General Trust plc (DMGT)
Acquisition of the 'i' newspaper and website
29-Nov-2019 / 10:30 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
29 November 2019
Daily Mail and General Trust plc (DMGT)
Acquisition of the 'i' newspaper and website
DMGT announces that dmg media, its Consumer Media business, has acquired the
'i', the UK national newspaper and website, from JPI Media Limited for
GBP49.6m 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. In 2018,
the 'i' generated GBP11m in cash operating income and operating profit from
GBP34m 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."
Notes
An interview with Paul Zwillenberg, CEO of DMGT, in which he answers
questions on the strategic and financial rationale for the transaction, is
available on DMGT's website: www.dmgt.com/investors.
Enquiries
Investors:
Tim Collier, Group CFO +44 20 3615 2902
Adam Webster, Head of Investor Relations +44 20 3615 2903
Media:
Doug Campbell / Paul Durman, Teneo +44 20 7260 2700
About DMGT
DMGT manages a portfolio of companies that provide businesses and consumers
with compelling information, analysis, insight, events, news and
entertainment. The Group takes a long-term approach to investment and has
market-leading positions in consumer media, insurance risk, property
information, education technology and events & exhibitions. In total, DMGT
generates revenues of around GBP1.4bn.
Person responsible for arranging the release of this announcement:
Fran Sallas, Company Secretary +44 20 3615 2904
ISIN: GB00BJQZC279
Category Code: ACQ
TIDM: DMGT
LEI Code: 4OFD47D73QFJ1T1MOF29
Sequence No.: 32388
EQS News ID: 924755
End of Announcement EQS News Service
(END) Dow Jones Newswires
November 29, 2019 05:30 ET (10:30 GMT)
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