Beauty retail group THG has acquired the London-based business newspaper City AM. The purchase marks THG's entry into the newspaper industry, adding to its existing online publishing arm with two magazines.
City AM, a free London-based newspaper, was put up for sale due to pandemic impacts and reduced commuter readership, reported the BBC. The deal ensures the future of City AM's workforce, and THG has committed to maintaining the newspaper's editorial independence and keeping the print arm operational.
City AM co-founder Lawson Muncaster sees the acquisition as an opportunity to expand its online presence globally with THG's expertise. Jens Torpe, CEO of City AM, will retire following the deal, the BBC said. THG founder Matthew Moulding believes this move will allow the company to reach a new audience in the disruptive media space.
City AM has a substantial online readership and print circulation, making it a valuable addition to THG's portfolio, which primarily focuses on ecommerce brands and platforms for third parties.