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Chief executive rules out fresh Reach bid for JPIMedia

Jim Mullen 1Reach plc has ruled itself out of the bidding for JPIMedia in order to concentrate on expansion of its own titles, according to reports.

Reach chief executive Jim Mullen has told the Daily Telegraph the company is “not participating in any process” for JPIMedia, which put itself on the market for a second time earlier this month.

According to the Telegraph, the Reach CEO, pictured, believes “the price isn’t right” for the rival publisher.

He instead stated his intention to further expand into areas where Reach “doesn’t have a foothold”.

His comments come after Reach earlier this week revealed profits of £28.9m for the first half of 2020 after a “strong recovery” in digital advertising.

The company also announced last week it was creating seven new jobs as part of an expansion of its Yorkshire Live website.

In recent months, Reach has launched a number of other new digital-only titles in areas traditionally served by publishers including JPIMedia and Newsquest.

The company previously made an estimated £50m bid for JPIMedia when it first went up for sale last year, but later ended its interest in a takeover.

Last week new Archant owner Rcapital emerged as a contender in the race to buy JPIMedia, while the Telegraph has also touted former Local World boss David Montgomery as a potential interested party.

HTFP has approached Reach for further comment, while JPIMedia has declined to comment on the ongoing sale process.