Daily Mail owner eyes up takeover of The Week magazine

 
Josh Mines
Ed Miliband Contacts The Owners Of The Mail Newspaper Titles
Source: Getty

The owner of national tabloid the Daily Mail has put in an offer to take over current affairs magazine The Week from its owner Dennis Publishing.

According to reports, Daily Mail & General Trust (DMGT) tabled a formal bid for the title last week.

DMGT is set to land a £640m windfall after it takes over Zoopla-owner ZPG, and is also interested in acquiring Moneyweek and the US title of The Week.

Sky News reported that DMGT had not made a bid for other Dennis titles including comic Viz and its portfolio of computer and automotive magazines.

Dennis has been put up for sale by the executor's of founder Felix Dennis' estate, and the money from a sale is expected to be given to Dennis' charity The Heart of England Forest Charity.

However, a number of private equity firms including Equistone, HIG and Inflexion are also eyeing up a move for Dennis assets, and some have put in offers for all of Dennis' titles.

The Week is valued at over £100m, and has enjoyed a steady rise in circulation while newspapers suffer declining profits.

Read more: Telegraph profits cut in half as advertising and circulation revenues fall

In recent years, publisher Dennis has been under pressure in a difficult media landscape, and stopped publication of Maxim UK's print edition in 2009 after a huge decline in lads' mags readers.

DMGT declined to comment. Dennis has been contacted for comment.