Press Gazette saved after Progressive Media buyout

Press Gazette, the magazine and news website for journalists, has been saved from possible closure after being acquired by publisher Progressive Media.

Wilmington announced the closure of the title earlier this month and has been consulting with staff over the future of the business.

Yesterday evening, it completed a deal which safeguards the future of Press Gazette.

In a statement, Wilmington said: “On 6 April we announced that we were unable to continue publishing the printed edition of Press Gazette.

“Since that date we have been in consultations with the staff of Press Gazette but we have also had a number of discussions with other parties with a view to seeing if there was any possibility of securing the ongoing publication of Press Gazette.

“We are therefore pleased to announce that yesterday we completed a transaction with Progressive Media Group for them to acquire Press Gazette.

“They intend to continue the publication of Press Gazette in both printed and electronic formats.

“We have also signed an agreement to collaborate with them on the British Press Awards and a number of other events.

“We would like to thank both our staff and our customers for their support during this challenging period.

“We believe Progressive will provide an excellent environment in which Press Gazette may prosper. We look forward to working with Progessive over the coming years.”

Progressive Media has indicated that it is committed to the long-term future of Press Gazette and that it plans significant investment in the title.

Online news coverage on this site and on Press Gazette’s network of blogs will resume today.

The May issue of the magazine will go out as normal – but is expected to be delayed by a few days as a result of the sale process.

Press Gazette will be moving offices this week from Old Street in London to Paddington.

Press Gazette editor Dominic Ponsford said: “The purchase of Press Gazette is a positive sign for all journalists working on titles which, like us, are going through dramatic change at present.

“It proves the value that strong journalism brands have in an increasingly fragmented media world.

“The Press Gazette team will be endeavouring to return to a normal online and print service as soon as possible.

“And in the coming months we expect to build an even better service both for subscribers and online readers.”

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