City AM, a free business-focused newspaper in London, is seeking a buyer as part of fundraising discussions, it announced Monday.
(Bloomberg) — City AM, a free business-focused newspaper in London, is seeking a buyer as part of fundraising discussions, it announced Monday.
The nearly 18-year-old title is half owned by a Dutch consortium with the remaining two quarters owned by Jens Torpe and Lawson Muncaster, its chief executive officer and managing director respectively. It has hired FRP Advisory to pursue a sale, the company said in an emailed statement.
City AM, which said it has an online readership between 1.8 million to 2 million per month and print circulation of 67,714, suffered during the pandemic as commuting into the City of London ceased and advertising took a hit. In January this year it stopped printing a Friday edition altogether as employees in the Square Mile and Canary Wharf continue to work from home.
At its peak, City AM’s print edition was read by more than 100,000 commuters daily.
Muncaster called the brand “a local paper at the heart of the financial universe” which is “perfectly positioned to expand into new areas and develop new revenue streams that take advantage of the new media landscape.” It recently published its 4,000th edition and joins Telegraph Media Group, publisher of the Daily and Sunday Telegraph, on the auction block of British newspapers.
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