Shares in struggling Johnston Press jumped by 20 per cent in morning trading following the report that the Daily Mail’s parent company was preparing to buy its flagship ‘i newspaper’.
A spokesman for Johnston Press told media: “The formal sale process is still ongoing. Nothing has changed since we announced that process to the Stock Exchange on October 11.”
In a note to investors last month, the company had said: “In order to assess all strategic options to maximise value to its stakeholders, the board of Johnston Press announces today that it has decided to seek offers for the company. There can be no certainty that any offer will be made for Johnston Press, nor that any transaction will be executed, nor as to terms of any such offer or transaction.”
Johnston Press owns 200 titles across the UK, including The Scotsman and The Yorkshire Post.