Comprehensive M&A data with integrated detailed company information

Daily Mail’s i acquisition ‘will not be referred for in-depth probe’
Posted on Wednesday, 25 March 2020 10:04
The acquisition of the i newspaper title by the Daily Mail and General Trust (DMGT) will not be referred to an in-depth probe, after UK media secretary Oliver Dowden said it would not negatively impact competition, Reuters noted. He added that the combination would not result in a reduction in the range of views on offer in newspapers as the target is not likely to be adjusted in this regard to be closer to the outlook of its new parent. At the time of the acquisition’s announcement, DMGT chairman Lord Rothermere said: “We are committed to preserving its distinctive, high quality and politically independent editorial style.” The publisher bought i back in November; under the terms of the transaction, it paid GBP 49.60 million in cash for the paper. A takeover was first reported one year previously, while other prospective acquirors such as Mediahuis and Reach were also said to be in the running before the Daily Mail and General Trust emerged as the successful candidate. In all, there were 11 deals with an aggregate value of USD 7.09 billion targeting newspaper publishers announced worldwide during 2019, according to Zephyr, the M&A database published by Bureau van Dijk. Of these, the largest was worth USD 3.00 billion and saw Apollo Global Management picking up three newspapers in Ohio, as well as television and radio stations, from Cox Enterprises. The deal valuation also included the purchase of Gamut Smart Media from Cox and Northwest Broadcasting. It was followed by the USD 1.38 billion takeover of Gannett Company by New Media Investment Group, via Arctic Holdings, which was signed off in August. DMGT’s acquisition of i was the largest in the sector to feature a UK target in 2019, placing 12th overall globally. © Zephus Ltd