The search for a new owner for Press Gazette is continuing this week after Press Gazette Ltd, the company owned by Matthew Freud and Piers Morgan, went into administration late last Friday.
The administrator, Robert Allen of Vantage Corporate Restructuring, will continue to run the business as he looks to conclude a deal. A number of potential buyers are already understood to have expressed serious interest and there is still opportunity for more to come forward.
Meanwhile, work is continuing on a plan which would put the ownership in the hands of the industry, first outlined in Press Gazette two weeks ago. Roger Eastoe, former managing director of the Mirror Group, who runs a media and marketing consultancy, has been briefed by a number of companies to prepare a business plan and legal structure for an industry-wide consortium that would ensure the title's editorial independence while allowing it to run as a profit-making enterprise.
Allen said: "Negotiations are ongoing with a number of organisations and I am hoping to progress quickly. In the meantime I would like to thank Press Gazette's various suppliers and contributors for their continuing support at what has been a difficult time. Particular mention must go to the magazine's printer Wyndham Grange, Media Paper and Tower Publishing Services."
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