Following the announcement by the Office of Fair Trading ('OFT') on 6th October 2006 that it had accepted undertakings given by Johnston Press plc ('Johnston Press') to address competition concerns relating to the supply of farming titles in Northern Ireland arising as a result of the acquisition of Local Press Ltd by Johnston Press on 4th November 2005, the board of Johnston Press announces today that it has entered into an agreement to sell the assets of Farm Week to Farm Week Ltd, a wholly owned subsidiary of Irish News Ltd. Under the terms of the agreement the assets of Farm Week will be acquired by Farm Week Ltd for an undisclosed sum. Gross assets including the value of publishing titles involved in the transaction are £3 million.
Farm Week is a paid-for weekly publication targeted at the agricultural community in Northern Ireland and the title was acquired by Johnston Press as part of Score Press Limited on 9th August 2005.
In accordance with the terms of the undertakings the agreement is conditional on OFT approval of Farm Week Ltd as the purchaser.
Johnston Press plc
Tim Bowdler, Chief Executive or
Stuart Paterson, Chief Financial Officer
Tel: 0131 225 3361
Richard Oldworth/Suzanne Brocks
Tel: 020 7466 5000