A consortium of businessmen is reported to be trying to buy Johnston Press’ flagship Edinburgh-based daily The Scotsman.

Secret talks have been taking place over recent weeks by the group, which includes a financier and property developer, to purchase the title, reports the Sunday Times.

It suggests that JP is looking for around £40m for the paper, and sister titles the Edinburgh Evening News and Scotland on Sunday, which the company bought from the Barclay Brothers four years ago for £160m.

The story also says that the consortium is in discussions with Newsquest which owns three titles in Glasgow – The Herald, Evening Times and Sunday Herald – to pool resources.

Previous discussions on any mergers of the titles have been blocked by Scottish politicians.

Johnston Press is due to release an interim management statement on Friday detailing its results for the six-month period ending 30 June 2009.

A statement issued by the company today said: “Johnston Press notes the press speculation regarding the potential disposal of the Scotsman.

“Whilst company policy is not to comment on such speculation, Johnston Press can confirm that the board does not have any disposal process underway in this regard.

Comments

Retired (24/08/2009 09:22:22)
Well done JP. A perfect lesson in incompetent management. Buy respected titles for £160m, force them into the JP style then sell off for a £120m loss when said papers have been ground into pale imitations of their former proud selves.
Still, that’s JP for you.