Troubled Sport Media Group up for sale

LONDON - Sport Media Group, publisher of the Daily Sport, has put itself up for sale after receiving several "unsolicited approaches".

For sale: Sport Media Group put on the market
For sale: Sport Media Group put on the market

Last month, SPMG's auditor said it could not be sure whether the company had prepared its accounts as a "going concern" - a term that refers to a company's ability to continue functioning as a business.

The Daily Sport was relaunched in April last year, but circulation fell from above 100,000 before the acquisition, to around 75,000 in December.

Today, SPMG said that following a number of "unsolicited approaches", the company was "exploring all opportunities to sell the business, in part or whole". The company did not reveal the identity of the would-be buyers.

It added there could be "no certainty that any sale of the business will proceed or that an offer will be made for the company".

Last month, Sport Media Group posted an £18.1m loss in the year to 31 July, after being forced to write down the value of its assets by £20.7m.

SPMG was forced to write down the value of Sport Newspapers, which it acquired for £50m in autumn 2007, by around one third - £18.4m. This and other write-downs led to the posting of the £20.7m impairment charge.

Have your say...

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus
Media Week Jobs
Search for more media jobs

Latest

Campaign Big Awards: video

Campaign Big Awards: video

Abbott Mead Vickers BBDO's Ian Pearman and Forsman & Bodenfors' Björn Engström reflect on a successful night at the Campaign Big Awards on Wednesday evening.

Share
GMG chief Andrew Miller calls on 'dominant' BBC to share content with competitors

GMG chief Andrew Miller calls on 'dominant' BBC to share content with competitors

Andrew Miller, the chief executive of Guardian Media Group, has urged the BBC to allow newspapers access to raw news feeds and to tap into its back catalogue.

Share
Media Week Awards 2014 celebrates outstanding talent and creativity

Media Week Awards 2014 celebrates outstanding talent and creativity

The UK's vibrant commercial media sector celebrated the year's best work at the Media Week Awards last night, attended by 1,400 executives from agencies, media owners, advertisers and production companies.

Share

Get news by email