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Smiths News PLC on Tuesday said it has entered into a new contract with Reach PLC through to 2029, worth around £160 million revenue per year. The Swindon, England-based newspaper and magazine distributor said the contract is for all of its current distribution territories in the UK. Reach PLC is a publisher which owns national titles like the Mirror and the Express, plus regional brands such as the Manchester Evening News. Smiths News says it has now secured long-term contracts with 91% of its newspaper and magazine revenues, which it said creates ‘a robust platform from which to support our growth ambitions for the business’. Chief Executive Officer Jon Bunting said: ‘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. The extent of our contracts with major titles continues to demonstrate the pivotal role Smiths News plays in the early morning supply chain.’ Shares in Smiths News were down 1.1% to 63.32 pence in London on Tuesday morning. Reach shares also fell 1.1% to 87.70 pence. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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