JOBS and newspaper titles in Scotland have been saved after Johnston Press was bought over by creditors JPIMedia.
The newly formed company announced they had acquired the publisher, responsible for i, The Yorkshire Post and The Scotsman among many others, yesterday after it put itself into administration.
A JPIMedia statement said: “Our shareholders recognise the vital role that local and regional media plays in the communities they serve and remain committed to protecting and enhancing the value of the business in the future.”
The creditors have agreed to inject £35 million into the business, and lower their debt by £135m.
The National Union of Journalists had earlier demanded “meaningful guarantees” on the future of jobs after the administration process.
However, despite JPIMedia saying it will offer a defined contribution pension scheme to all employees, union officials have warned any changes to future payments in line with pension protection fund payment rules would by a “terrible blow” to affected staff.
A statement from Custos Group, the publisher’s largest stakeholder, said: “Their actions today, ensuring their own jobs are safe, but sacrificing the pensions of their loyal staff, is simply a disgrace and a vulgar display of the worst elements of capitalism.”
Speculation over the future of the publisher had been brewing since March 2017 when it announced its strategic review. At its peak, the company’s debt reached £793m.
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