Smiths News renews Reach contract through 2029
By Josh White
Date: Tuesday 10 Dec 2024
(Sharecast News) - News wholesaler and distributor Smiths News announced a new long-term distribution contract with Reach, the UK's largest commercial news publisher, on Tuesday.
The London-listed firm said the agreement would ensure the continued distribution of Reach's portfolio of over 120 media brands, including the Daily Mirror, Daily Express, and OK! magazine, across Smiths News' UK territories through 2029.
It said the contract, representing around £160m in annual revenue at current market values, reinforced its position in the UK news distribution market.
With the renewal, the company said it had secured long-term agreements for 91% of its newspaper and magazine revenue, providing significant visibility and stability for its business over the coming years.
"I am delighted that we have now formally concluded our new contract negotiations with Reach and look forward to ensuring the widespread access and availability of their titles for readers in communities across the UK," said Smiths News chief executive officer Jon Bunting.
"The extent of our contracts with major titles continues to demonstrate the pivotal role Smiths News plays in the early morning supply chain.
"We have now secured over 90% of our newspaper and magazine revenues through to 2029 which provides underlying revenue stability in addition to creating a robust platform from which to support our growth ambitions for the business."
At 0828 GMT, shares in Smiths News were down 0.34% at 63.78p.
Reporting by Josh White for Sharecast.com.
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