The owner of the Daily Mail, the national tabloid, has tabled in an offer to take over The Week, a current affairs magazine, from Dennis Publishing, its owner.
According to various reports, Daily Mail & General Trust (DMGT) presented a formal bid for the said title last week.
DMGT is set to land a £640 million windfall after it takes over ZPG, the owner of Zoopla, and is also interested in the acquisition of Moneyweek and The Week’s US title.
The listed media firm is reportedly keen in promoting The Week across its national newspapers and to expand the magazine more aggressively in the United States of America.
Sky News reported that DMGT had not yet proposed a bid for the other titles of Dennis Publishing including comic Viz and its collection of automotive and computer magazines.
Dennis has been put up for sale by the executor’s of the estate of Felix Dennis, its founder, and the money that is to be generated from the sales are expected to be given to The Heart of England Forest Charity, the charity that was established by the tree-loving Dennis. The trustees of the charity are chaired by the Channel 4 News presenter, Jon Snow.
However, some private equity companies such as HIG, Inflexion, and Equistone are also eyeing up an attempt to grab the assets of Dennis, and some have already tabled in offers for all of the titles of Dennis.
The Week is valued at more than £100 million. It has enjoyed a steady boost in circulation while newspapers experience declining profits.
During the recent years, publisher Dennis has been under pressure in a harsh media landscape and stopped the publication of the print edition of Maxim UK in 2009 following a massive decline in the readers of the lads’ mags.
DMGT refused to comment on regarding the matter while Dennis has already been contacted for comment.