British Press Awards Acquired in £1 Million Deal with Publication

In 2005, Piers Morgan, in partnership with Matthew Freud, acquired Press Gazette, a prominent media trade publication, for £1 million. This acquisition included the British Press Awards, which were considered a significant revenue source for the publication. However, the ownership of Press Gazette by Morgan and Freud led to controversy, as many major newspapers chose to boycott the 2006 British Press Awards in protest. The situation highlighted the tensions within the media industry regarding ownership and influence. By the end of 2006, Press Gazette faced financial difficulties and entered administrative receivership. Subsequently, it was sold to a trade buyer, marking a significant shift in its operational landscape. This acquisition and its aftermath underscore the complexities of media ownership and the impact it can have on industry events and relationships.