THG, the owner of Myprotein and Cult Beauty, has bought free business newspaper City AM from administrators in a pre-packaged deal, reports Charlotte Tobitt of Press Gazette.
Tobitt reports, “All 40 editorial and commercial staff at 18-year-old City AM will become part of London-listed THG, which has a market capitalisation of around £1.3bn.
“City AM’s co-founder and long-serving chief executive Jens Torpe will retire at the conclusion of the deal.
“THG’s chief executive Matthew Moulding said: ‘We’ve long been reviewing opportunities in the disruptive media space but have waited for the right time and the right opportunity to make a digital step-change in adtech capabilities for Ingenuity,’ referring to THG’s proprietary e-commerce platform.
“The deal took place through a pre-pack deal from BDO, which had been appointed as administrators of City AM. Sky News had reported hours before the sale was announced that the business newspaper was “teetering on the brink of administration” but that talks with potential buyers were ongoing.”
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