The deal, comprising the Isle of Man Examiner, Isle of Man Courier, Manx Independent and www.iomtoday.co.im, will be effected by the sale of the Company’s subsidiary Isle of Man Newspapers Limited and is in line with the Group’s previously stated divestment strategy to align resources to brands and geographies offering the greatest growth opportunities, says Johnston Press.
Proceeds from the disposal will support the Company’s on-going investment in preferred markets and further deleverage.
Isle of Man Newspapers Limited recorded a profit before tax of £598,000 (£632,000 before exceptional items) for the year ended 31 December 2015 and had gross assets of £1.78m at that date.
Chief Executive Officer of Johnston Press, Ashley Highfield, said: “This disposal is further progress in executing our divestment strategy and allows the group to realise immediate value from our Isle of Man assets.
“I would like to thank the staff of our Isle of Man business for their loyalty and dedication over the years and we wish them well for a successful future.”
Sir Ray Tindle, Chairman of Tindle Newspapers, added: “We are most grateful to the Johnston Press team for all their assistance in bringing about this agreement and look forward to meeting the talented Isle of Man team who produce such excellent titles.”
