Wilmington, Press Gazette's owner, which decided to close the magazine earlier this month, announced the deal that will see the continuation of the title, both in print and online.
The group said: "We are pleased to announce that, earlier today, we completed a transaction with Progressive Media for them to acquire Press Gazette.
"It intends to continue the publication of Press Gazette in both printed and electronic formats.
"We have also signed an agreement to collaborate with Progressive Media on The British Press Awards and a number of other events."
It is not known how much Progressive Media paid Wilmington.
The May issue of the title will go out as normal, but its publication is likely to be slightly delayed due to the sale.
Press Gazette editor Dominic Ponsford will continue in his role and magazine staff will move offices from Old Street, London, to Paddington.
Danson, the founder of research company Datamonitor, took full control of the New Statesman earlier this month.
Press Gazette was first saved from closure in 2006, when Wilmington acquired the magazine out of administration.
Its previous owners included former Mirror editor Piers Morgan and PR guru Matthew Freud.