Johnston Press ‘in late-stage talks’ to buy the i newspaper

Johnston Press today announced that it is in “late-stage discussions” to buy the i newspaper from Independent Print Limited for £24 million.

It said that a combination of its own local newspaper titles and the i would make it the UK’s fourth-largest print publisher with more than 600,000 paid for newspapers every day.

Steve Auckland, group chief executive of ESI Media, which also owns the Evening Standard, confirmed the discussions and said: “At this stage no decision has been made. Johnston Press are bound by strict PLC guidelines, so unfortunately we can make no further comment at this time.

“ESI Media remains committed to our brands, building on our fast-growing global footprint, whilst cementing our place as the most important destination for audiences in the capital.”

In a statement to the Stock Exchange announcing the talks, Johnston said the i made an unaudited “carve-out operating profit” of £5.2 million in the year to September 2015.

Johnston said that buying the i would enable it to gain a greater share of the national advertising market. It publishes more than 200 local titles including The Scotsman and The Yorkshire Post.

The i sells 272,000 copies a day and is priced at 40p. Johnston shares fell 0.25p to 39.5p.