CityAM sold to e-commerce retailer THG

The London-based freesheet will continue to trade under the name CityAM. Meanwhile, all 41 of its employees being transferred to the buyer – which owns brands such as Myprotein and Illamaqua – with their employment rights protected. 

Writing on LinkedIn, THG founder and chief executive Matthew Moulding said his firm can benefit from the “market leading relationships” at the publisher. He added: “In fact, CityAM is a rare breed, having spent decades cheerleading both the UK and businesses alike.  

“Years ago, newspapers worked closely with businesses to understand the UK market and whip up public support for UK policies. This helped drive UK competitiveness on a global stage. But that model is long gone. 

“Maybe Twitter played a part, a platform where wild controversy and views can be aired without the same media regulation, dragging huge audiences away from traditional media. Add TikTok and Meta into the mix and competition to attract eyeballs is a crowded space.  

“Traditional media has had to adapt to stay relevant, and no doubt has shifted closer to the Twitter model than many will admit. After all, audience numbers are what matter in driving ad revenues.” 

Moulding also said neither he nor the board will be driving editorial content, adding that there are “far more talented people out there” to do this.  

He went on to say: “But there’s a clear gap in the UK business media, one that supports and appreciates UK business, and is keen to see the UK improve our global competitiveness. CityAM, THG, and our partners, will now step up further to fill this gap, loud and clear. 

“And so, supported by unswerving investment from THG, there will be just one rule for the future editorial direction of CityAM: ‘Where possible, be a cheerleader for both the UK and businesses alike, and don’t get dragged over to the dark side’.” 

Meanwhile, commenting on the sale – BDO partner Danny Dartnaill said: “The impact of Covid and changing commuter habits, combined with reductions in traditional advertising revenues, significantly affected CityAM’s business.

“The sale of the business to THG is a positive one. It provides the best outcome for creditors in the circumstances, as well as saving the jobs of all staff and preserving the City AM brand.”