July 18, 2019 / 9:22 AM / a month ago

Media company Reach in early talks to buy certain JPI Media assets

(Reuters) - British media company Reach Plc (RCH.L) said on Thursday it was in the early stages of discussions to buy certain assets of JPI Media, which publishes the Yorkshire Post and the Scotsman.

Shares of Reach, which publishes Daily Mirror, jumped as much as 9% after the news. By 0919 GMT, the stock handed back some of those gains and were up 4.7% at 84.65 pence.

Johnston Press, later renamed JPI Media, was bought by its bondholders last year after it filed for bankruptcy protection.

Sky News reported earlier in the month that the owners of JPI Media were in talks to sell the ‘i’ newspaper and regional titles.

Sky had said that potential bidders for the i newspaper could include European media group Mediahuis, which agreed to buy Irish newspaper group INM (INME.I) for $163 million earlier this year.

JPI Media was not immediately available for comment.

Reporting by Samantha Machado in Bengaluru; Editing by Arun Koyyur and Gopakumar Warrier

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