Daily Sport owner no longer for sale

Sport Media Group, owner of the Sunday and Daily Sport newspapers, says it is no longer considering a sale after agreeing new financing.

The group announced in February that it was exploring opportunities to sell the business “in part or whole” but says it no longer in discussions with any third parties.

The newspaper firm says its former owner David Sullivan and Gold Group International Ltd is providing a £1.7m loan initially for the next 18 months which has enabled the company to agree new long term banking facilities.

Sullivan will also return as “honorary publisher” role to help boost circulation and profitability.

The news comes as Sport Media reports turnover fell 19% to £11.7m in the six months to January 31. Underlying operating profit fell to £0.6m from £3.3m in the first half last year.

The company has been struggling with the decline in advertising revenue, confirming in January that it had broken one its banking covenants as well as stripping over £18m from the value of its newspapers.

Recommended

Virgin Media appoints Spike for digital work

Marketing Week

Virgin Media has appointed Spike as its digital creative agency and will also work with Saint to integrate digital elements into the company’s brand and advertising campaigns. Spike will work alongside Virgin Media’s in-house team to create and plan digital campaigns and provide consultation across Virgin Media’s marketing and communications. Virgin Media’s lead creative agency […]

TUI UK recruits former Waitrose marketer

Marketing Week

TUI UK, owner of Thomson and First Choice Holidays, has recruited former Waitrose marketing director Christian Cull to fill the new role of communications director. Sitting on the UK board, Christian will report directly into Dermot Blastland, Managing Director of TUI UK and Ireland when he joins later this year. Cull, who is currently director […]