DMGT, owner of the U.K.’s Daily Mail, has bought the i newspaper and website from JPI Media for £49.6 million cash consideration (around $63 million). The i has retail sales of approximately 170,000 papers each weekday and over 190,000 copies of the iweekend each Saturday.
The website, inews.co.uk, attracts approximately 300,000 daily unique browsers.
In 2018, the i generated £11 million (around $14 million) in cash operating income and operating profit from £34 million revenue (around $43 million).
It’s anticipated that the acquisition will be reviewed by the UK Competition and Markets Authority.
“The acquisition of the i is both strategically and financially compelling for DMGT and there is scope for potential synergies in the future, notably from dmg media's existing infrastructure and in advertising sales,” said Jonathan Harmsworth, Lord Rothermere, chairman of DMGT. “The business will benefit from DMGT's long-term approach and commitment to investing in editorial content.”
The purchase was criticized by Labour leader Jeremy Corbyn, who tweeted that two billionaires (Harmsworth and Rupert Murdoch) now possess half the country’s top 10 dailies.