Book opened on who will buy the Herald
Online betting website Bluesq.com has opened a book on which publishing or investment group will snap up SMG’s newspaper and publishing interests.
As it stands at the moment bluesq.com has Gannett, the owners of regional and local newspaper group Newsquest, as the odds on favourite at 4/1 to buy the newspapers, but close behind is venture capitalist group 3i at 5/1.
The book was opened last Wednesday as soon as the announcement was made by SMG that it is to offload the Herald, the Sunday Herald and the Evening Times.
Ed Pownall, a spokesman for bluesq.com, says that they have already received a steady flow of bets with “quite a few” £100 bets being placed on the favourites Gannett and 3i.
He said: “Personally I think that Candover at 15/2 is a very good bet as they certainly have the regional experience to takeover the newspapers. Johnston Press have got local titles, but they have recently taken over RIM so you have to wonder whether their money is already spent. The other one is Guardian Media Group, but nobody has backed them yet.”
Current odds for other groups include Cinven at 11/2, the Daily Mail & General Trust at 11/2, The Scotsman Publications at 6/1, Candover at 15/2, Johnston Press at 10/1, KKR at 10/1, Trinity Mirror at 10/1, Independent News & Media at 12/1, Guardian Media Group at 16/1, Archant (Eastern Counties) at 20/1, DC Thomson at 20/1 and Midland News Association at 20/1.
Pownall said: “In cases like these people normally back the favourites, so Gannett and 31 are our only losers at the moment. I am not scared at the moment as we are getting a real spread of bets and there are new names coming forward every day. The thing for us to watch is for if anyone opens up a new account and puts a sizeable bet on. When that happens we have to ask ourselves whether they know something most people don’t.”