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Smiths News PLC announced on Wednesday it secured a new five-year contract with News UK & Ireland Ltd. The Swindon, England-based newspaper and magazine distributor said the renewed deal is for all Smiths News’ current distribution territories in the UK until 2029. News UK is a wholly-owned subsidiary of US media conglomerate News Corp. It owns The Times, The Sunday Times, and The Sun. Smiths News did not disclose the cost of the contract. The agreement represents 19% of current newspaper and magazine revenues, Smiths News said, and is the fifth publisher contract renewal secured by the distributor. With this contract, Smiths News has secured 65% of its current newspaper and magazine revenues. It also has new deals with Associated Newspapers, Telegraph Media Group, Frontline and Seymour Distribution. Chief Executive Officer Jon Bunting said: ‘I am very pleased that we have secured this new contract with News UK and look forward to working with them on future supply chain opportunities. We have now secured almost two thirds of our revenues through to 2029. This provides a great platform to develop and invest in, ensuring a simplified and sustainable long term supply chain for our publishers and customers.’ Shares in Smiths were up by 2.7% at 50.00 pence in London on Wednesday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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