THG has completed a deal to take over business newspaper City AM.
In a news article published on its website, the London-based free sheet said the Manchester-headquartered group would "invest in both editorial and technological resources for the newsroom as well as expanding the paper’s lifestyle and sports categories".
It added that there would be "further investment into new areas including sustainability, wellness technology and beauty".
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THG, an online retailer and software group, has bought City AM in a pre-pack deal.
BusinessLive reported this morning (July 26) that THG had been in advanced talks to buy the company.
City AM was set up almost 20 years ago and employs around 40 members of staff.
The business publication had been half-owned by two Dutch private investors, while chief executive Jens Torpe and managing director Lawson Muncaster also owned about a quarter.
City AM is distributed from about 400 travel hubs and commuter locations, as well as about 1,600 London offices.
The deal is widely seen as a slightly new direction for THG, which primarily runs ecommerce brands and platforms for third parties.
It is understood that the deal will secure editorial independence at City AM.
The group also holds content syndication partnerships with firms including Google and Bloomberg.
, THG CEO Matthew Moulding said: "We've long been reviewing opportunities in the disruptive media space but have waited for the right time and the right opportunity to make a digital step-change in adtech capabilities for Ingenuity.
“City AM is one of London’s leading media platforms and we will ensure this remains the case with full editorial independence.
"This deal helps us reach a huge new audience, complements our successful content creation studios and digital media expertise."
City AM CEO Jens Torpe, who is to retire, added: "During our 18 years we've faced a few storms but none as turbulent as the past three years.
"We managed to survive lockdown but unfortunately we didn’t have the money to invest in digital and build on the strong progress we saw during the pandemic.
"I’m therefore delighted that a business like THG has taken over City AM.
"Their digital expertise will be a great asset, so after 18 years I take comfort in the knowledge that our ‘little baby’ will grow and become more than a teenager."
On his LinkedIn page on Wednesday, Mr Moulding said City AM would be independently run but would not be allowed to "get dragged over to the dark side".
"City AM is a rare breed, having spent decades cheerleading both the º£½ÇÊÓƵ and businesses alike," he said.
"Years ago, newspapers worked closely with businesses to understand the º£½ÇÊÓƵ market and whip up public support for º£½ÇÊÓƵ policies.
"This helped drive º£½ÇÊÓƵ 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."
He added: "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 º£½ÇÊÓƵ and businesses alike, and don’t get dragged over to the dark side'."
