In a statement issued this morning, Wilmington said it has acquired assets from the administrator of Press Gazette and is resurrecting the business. The firm has previously tried to buy the magazine when it was put up for sale by Quantum Business Publishing.
Charles Brady, CEO of Wilmington Group, said: "It has taken us a while, but we have thought for some years now that this business would fit superbly well with Wilmington. We intend to deliver to the journalist and press community publications, events and other information products that will not only enhance their professional lives but that they can identify with and be proud of."
Tony Loynes, the new editor-in-chief, said: "Sadly, Press Gazette has missed an issue, but we will be making that up to the loyal subscribers of the publication. We intend to develop the print, the web presence and events side of Press Gazette.
"Obviously, Press Gazette's British Press Awards is the high-profile event that is still firmly on schedule for 26 March 2007. We have been deep in discussion with the newspaper owners to ensure we can deliver the best quality event, celebrating excellence within this dynamic and challenging industry.
"We also intend to put equal effort into the Regional Press Awards and the other events that Press Gazette has developed to connect with one of the most important professions in the world.
"We have been enormously encouraged by all those who have expressed their pleasure at the revival of Press Gazette and those who worked hard to try to save the magazine in its dying days. The British journalistic community deserves a magazine of vitality, integrity and self-sufficiency and we will make damn sure they get it."
Press Gazette's administrator, Robert Allen of Vantage Corporate Restructuring, had said last week that he expected to find a buyer, saying: "I can't say much more because these things are sensitive but today is a new day."
Press Gazette folded after 41 years on November 27, following a breakdown in talks about making the title an industry-owned asset between Associated Newspapers and Telegraph Media Group, who failed to get rivals News International and Guardian News & Media on board.
There was also speculation that Robert Allen had put a £500,000 price tag on Press Gazette, effectively pricing it out of the market, but this has been denied.
The title ran into difficulty after it was co-acquired by Piers Morgan and Matthew Freud in June 2005, leading to heavy criticism from within the industry that it had inappropriate administrators.
If you have an opinion on this or any other issue raised on Brand Republic, join the debate in the .
_1.jpg)
.jpg)
