The London-listed owner of Cult Beauty is in advanced talks to buy the 18-year-old London freesheet newspaper through a pre-pack administration, Sky News can reveal.
It has also agreed to meet July's payroll obligations for the roughly 40 staff who work there, they added.
Among the most significant motivations for the deal is said to be the opportunity to give clients of THG's Ingenuity digital brand-building and e-commerce platform - which include consumer goods giants Coca-Cola, Kraft Heinz, Mondelez and Nestle - greater access to a financially literate audience in the form of City AM's readership.
THG is already understood to boast a monthly readership of 600,000 people across its nutrition and beauty digital magazine titles, which include The Supplement and The Highlight. THG's board also contains other media ownership experience, including Lord Allen, the former ITV chief executive, who is the company's chairman.
Among the questions THG is likely to face if it proceeds with the deal is whether the newspaper title risks being turned into a commercial mouthpiece. A pre-pack sale - in which administrators are appointed to a company prior to an immediate sale of some of its assets - is now said to be the only viable option for securing the title's future.It is 50%-owned by a group of Dutch investors, with 25% stakes held by Lawson Muncaster, managing director, and chief executive Jens Torpe.
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