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The deal includes the main daily paper Scotsman Publications, but also Scotland on Sunday, paid-for evening paper the Edinburgh Evening News and free weekly the Edinburgh Herald & Post series along with all website properties for the group.

The papers have a total weekly paid for circulation of 840,000 and a weekly free distribution of 254,000. Scotsman.com registered over 3 million monthly unique users and over 20 million page impressions according to its last audit by the Audit Bureau of Circulations.

In the last financial year until 31 December 2004, Scotsman Publications reported profit before interest and tax of £7.7m on turnover of £63.5m, with gross assets of £127.5m.

 

Commenting on the deal, Tim Bowdler, chief executive of Johnston Press said: "Scotsman Publications comprises one of Scotland's highest quality newspaper portfolios and The Scotsman and its website Scotsman.com are amongst Scotland's best known newspaper and internet brands. With its Scottish heritage, Johnston Press is particularly pleased to have reached agreement to acquire Scotsman Publications".

Andrew Neil, publisher of the Press Holdings Group, owners of Scotsman Publications, added: "It has been a privilege to own and run a prestigious flagship title like The Scotsman, along with its successful associated titles, these past 10 years. But we are delighted to have reached an agreement with Johnston Press, which not only recognises the value and improvements we have added to the titles over the decade but also secures their long-term future. The Scotsman and its sister papers will now have the advantage of being part of a larger Edinburgh-based group. We wish the new owners, the newspapers and their dedicated staffs every success in the future."