Accountancy Age reckons Ernst and Young have whittled the list of potential buyers for Highbury’s assets down to two: Imagine (as I’d hinted at some time ago) and Remnant Media (which I suggested on Friday). I’m surprised that EMAP and Dennis aren’t on the list, if the article is true, but not totally staggered: Highbury, as it stands, isn’t a natural fit for any publishing company except Future so many of the likely bidders might simply have decided there’s not enough that does gel to be worth the acquisition costs.
Imagine’s MD Damian Butt denied any interest in Highbury not so long ago, but he certainly doesn’t rule it out. Remnant haven’t said anything, but if they are after Highbury, Front is clearly their real target. I doubt they think Front by itself is worth over £5 million, but they might well be looking to acquire some adult titles that don’t come in opaque cellophane covers.
If my spy is right, we should know by tomorrow who’s the lucky winner.
Well, by the end of play on Thursday, we (Orpington office editorial) were none the wiser as to what’s happening. Rumours are that we’ll now hear something tomorrow, with mutterings from Bournemouth suggesting that the departments will be sold separately after all. A contact has told me he thinks the Bournemouth-based titles will be picked up by Imagine, and that Remnant will be taking the London mags. Quite where that leaves Orpington, I don’t know — but I’m pretty sure we won’t have a paddle.