Scotsman-Owner Confirms £24m i Interest

The publisher of The Scotsman has said it is in "late stage discussions" to buy the i - the low cost national title - from its Russian owner.

Johnston Press (Berlin: JPR1.BE - news) (JP) said the price it was expecting to pay Independent Print Limited (IPL) was likely to be £24m.

Its statement said: "There can be no certainty that the discussions between the company and IPL will lead to any definitive agreement concerning the possible acquisition or as to the final terms of any such agreement."

The i, JP said, achieved "unaudited carve-out" operating profits of £5.2m in the year to 30 September, 2015.

Its financial performance had been something of a mystery as its fortunes have been reported alongside its sister titles, including The Independent.

The i was launched in October 2010 at a cover price of 20p.

The latest industry circulation figures gave it an average 280,000 daily sales in January.

Edinburgh-based JP said a deal would create the UK’s fourth largest print publisher with over 600,000 paid copies a day.

It also pointed to the potential for cross-selling of the i's advertising base and said it planned to bolster its digital presence.

IP is part of Evgeny Lebedev's UK media interests, which also include the TV channel London Live and the Evening Standard.