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Smiths News PLC on Tuesday said it has secured a new long-term contract with Telegraph Media Group Ltd, publisher of the ’Daily Telegraph’ and ’Sunday Telegraph’, through to 2029.
Shares in the Swindon, England-based newspaper and magazine wholesaler were up 1.0% to 55.55 pence each in London on Tuesday morning.
Smiths News explained that the new agreement is for all of the company’s current distribution territories in the UK through to 2029. This represents are 11% of the company’s newspaper and magazine revenue.
The agreement marks the fourth ‘major’ publisher contract renewal secured by Smiths News in the last year, following new five year agreements with magazine distributors Associated Newspapers, Frontline and Seymour.
Smiths News added that it has now secured long-term contracts with 46% of its newspaper and magazine revenue.
Chief Executive Officer Jon Bunting said: ‘I am very pleased that we can start 2023 with further positive news on our contract renewals by announcing that we have agreed a new contract with Telegraph Media Group. It marks a further step in securing our newspaper and magazine revenues for the long term.’
By Sophie Rose, Alliance News reporter
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