Piers Morgan is reportedly ready to make a seven-figure bid to buy media industry newspaper the Press Gazette. Both media industry weeklies, the Press Gazette and Media Week, were owned by the same company - Quantum. However they are busy flogging them off, last week selling Media Week to Haymarket, the company behind Marketing, PR Week and Revolution. Three buyers are said to be interested in the Press Gazette.
Morgan has remained tight lipped on his interest in the trade title, though he had been going round telling everyone how much the media industry needs a decent trade title, and sources have told the Guardian his pitch is currently favourite among the Quantum team. If successful Morgan is likely to revamp the title, though he probably won't edit it. He will also have the task of revamping the magazine's annual awards event, the British Press Awards, which have become something of a shambles with a number of national newspapers threatening to boycott the event.