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THG has announced the acquisition of London’s 18-year-old business newspaper, City A.M.
The news comes after it was revealed that City AM was on the brink of administration and THG was reportedly in advanced talks with the newspaper to acquire it through a pre-pack administration.
Matthew Moulding, THG chief executive said that the group has been looking for a partner in the media space for some time. As a result, the newspaper will remain under UK ownership and “give THG the support of a partner with long-term aspirations and a strong balance sheet for growth”.
THG already publishes digital magazines with a combined circulation of 600,000 through The Supplement and The Highlight.
Following the acquisition, the Manchester-headquartered firm will now invest in both editorial and technological resources for the newsroom as well as expanding the paper’s lifestyle and sports categories, with further investment into new areas including sustainability, wellness technology and beauty.
The post-deal business, which has been purchased in a pre-pack deal from appointed administrators BDO, will also invest in further events building on existing set-pieces including the City A.M. Awards and THG’s annual Future of Commerce event.
According to THG, City A.M., which has around 2 million monthly unique visitors online and a daily print circulation of just shy of 70,000 Monday to Thursdays, will bring THG “added reach into the most influential consumer and investment community in Europe, which THG’s brands – including Cult Beauty and Myprotein – as well as clients of Ingenuity will now be able to access”.
Additionally, the acquisition will see City A.M.’s 40 editorial and commercial staff join the THG Group.
The deal also marks the end of one chapter for City A.M., with co-founder and longtime CEO Jens Torpe retiring from the business with the conclusion of the deal.
Lawson Muncaster, City A.M. co-founder, said: “The deal represented a perfect fit for the business. We both believe firmly in the power of business to make peoples’ lives better and we cannot wait to get started with our new partners.
“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 ad tech capabilities for Ingenuity. City A.M. is one of London’s leading media platforms and we will ensure this remains the case with full editorial independence. This deal helps us reach a huge new audience, complements our successful content creation studios and digital media expertise.”
