Johnston Press sells to Tindle Newspapers
Isle of Man Newspapers is to be sold by its current owner Johnston Press.
Tindle Newspapers is to buy the Isle of Man Examiner, Isle of Man Courier, Manx Independent and the Isle of Man Today website for £4.25 million after a competitive tender process.
Johnston Press chief executive Ashley Highfield says the sale is part of the company’s divestment strategy and allows the group to realise immediate value from its Manx assets.
In January, Johnston Press revealed it was exploring possible newspaper selloffs to fund investment and lower its debt but described the Isle of Man titles as ‘core’ in a list of priorities.
Tindle Newspapers chairman Sir Ray Tindle says the Isle of Man newspapers are still profitable – last year the company recorded a profit before tax of £598,000.
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