Mon, 31 Jul 2023 | BUSINESS SALE
Online health and beauty retail platform THG has swooped to acquire free business newspaper CityAM out of administration. It was reported last week that CityAM was set to fall into administration as a result of falling footfall following the change in working patterns seen since the COVID-19 pandemic, as well as declining advertising revenue.
CityAM was launched in 2006 as a free newspaper focusing on business, economic and political news, as well as providing coverage on lifestyle and sport. It has a daily run of approximately 70,000 papers, which are distributed to around 1,600 offices in London and from around 400 commuter hubs, as well as a strong online presence.
Despite the seeming incongruence of the business paper being acquired by THG, an online retailer of own-brand and third-party cosmetics, luxury goods and dietary supplements, the deal was described by CityAM co-founder Lawson Muncaster as a “perfect fit”.
Muncaster continued: "We both believe firmly in the power of business to make peoples’ lives better and we cannot wait to get started with our new partners.”
Matt Moulding, CEO of THG, added: "We've long been reviewing opportunities in the disruptive media space but have waited for the right time and the right opportunity to make a digital step-change in adtech capabilities for Ingenuity."
Following the acquisition, it has been reported that THG will invest in "both editorial and technological resources for the newsroom as well as expanding the paper’s lifestyle and sports categories", as well as supporting the publication to expand into new areas, such as sustainability and wellness technology.
The pre-pack administration, which completed for an undisclosed sum, was overseen by BDO, with a DLA Piper team led by UK head of restructuring Rob Russell advising THG.
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