THG is acquiring London biz newspaper City AM

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.”

Read more here.

Chris Roush

Chris Roush was the dean of the School of Communications at Quinnipiac University in Hamden, Connecticut. He was previously Walter E. Hussman Sr. Distinguished Professor in business journalism at UNC-Chapel Hill. He is a former business journalist for Bloomberg News, Businessweek, The Atlanta Journal-Constitution, The Tampa Tribune and the Sarasota Herald-Tribune. He is the author of the leading business reporting textbook "Show me the Money: Writing Business and Economics Stories for Mass Communication" and "Thinking Things Over," a biography of former Wall Street Journal editor Vermont Royster.