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UK: Newspaper divestitures could see $260M in losses for Johnston Press

By  |  December 2, 2013

Scotland-based newspaper publisher Johnston Press could be set for losses of nearly $260 million following the sale of its Irish newspaper operations, reports say.

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    The company confirmed it is in discussions to sell 14 publications for about $11.8 million, though a definitive buyout agreement has not been reached.

    In a statement by the publisher, the company said it is in “advanced” talks for a deal. The company previously spent hundreds of millions of dollars buying newspapers throughout Ireland, including a major buyout just before the nation’s economic collapse.

    Any sale will remain subject to review by the Irish Competition Authority, as well as other authorities.

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