News Letter and Derry Journal owners Johnston Press up for sale
The newspaper group which owns Northern Ireland newspapers the News Letter and the Derry Journal has put itself up for sale.
The Johnston Press group took the action on Thursday following the completion of a strategic review of its business which has been ongoing since last year.
Recent market valuations have put the price of the company at around £3m, with any potential buyers taking on £220m in borrowing due for repayment next June.
The group owns more than 200 local and regional titles across the United Kingdom and the Republic, as well as a number of news websites.
Included in the group is national newspaper 'i', which it acquired in 2016, and well-known regional titles The Scotsman, and The Yorkshire Post.
It owns a large number of local titles across Northern Ireland.
The company has said there is no certainty an offer will be made, and that it reserves the right to withdraw itself from sale at any time.
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In a statement released on Thursday the company said: "Since commencing the strategic review of financing options first announced in March 2017, the company has focused on exploring all options available to it in relation to its £220m outstanding 8.625% senior secured notes due for repayment on 1 June 2019.
"Pursuant to this strategic review and in order to assess all strategic options to maximise value to its stakeholders, the Board of Johnston Press announces [on Thursday] that it has decided to seek offers for the company."
Belfast Telegraph Digital