Wilmington, the B2B publisher under whose roof Press Gazette is stuck, says takeover talks that followed an earlier approach for the company have been called off.
Wilmington, which also operates Muze and Jobs4Journalists, got a preliminary approach in July, reported to have been from private equity firm HgCapital, but now says that “offer discussions have been terminated and the company is no longer in discussions with any party”. The language leaves it up for debate exactly who ended the talks.
Unlike many in the industry, Wilmington says its board “has confidence in the strength of the business and believes the group has the assets, resources, ambition and proven management to continue delivering sustainable growth both organically and through acquisition”. Wilmington rescued Press Gazette from closure in December 2006, when it bought the aging journalists