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

Sunday Times' Camilla Cavendish reminds us to value newsbrands

Sunday Times' Camilla Cavendish reminds us to value newsbrands

The media world is a poorer place for the departure of Sunday Times investigative journalist and columnist Camilla Cavendish, says Newsworks' Rufus Olins.

Share
Northern & Shell promotes Chris Kelly to replace Jane Putley

Northern & Shell promotes Chris Kelly to replace Jane Putley

Northern & Shell, which publishes OK! Magazine and the Daily Express, has promoted Chris Kelly to head of print, replacing Jane Putley who is leaving in June to join News UK as head of news.

Share
From gatherers to hunters
[Sponsored feature]

From gatherers to hunters

Through the rise of social networking, technology has transformed media recruitment - but, even in the field of IT employment, it remains very much a people business.

Share

Get news by email