Press Gazette, after facing its near closure, has been bought by Mike Danson's Progressive Media group. They will continue to publish both their monthly magazine and online; meanwhile, the current owners, Wilmington group, will retain control of the British Press Awards (where most of the magazine's revenue comes from).

Editor of Press Gazette, Dominic Ponsford, responded enthusiastically about the change saying, "I think this is a very positive sign for journalism and its future," he said this morning. "It is clear that Press Gazette is still seen as a worthwhile brand."

Last week, Ponsford published an article about the closure saying the loss of the Press Gazette would be a loss for journalism as it is a magazine and news website for journalists. Ponsford asked, "If journalism, of all professions, can't support its own trade magazine and site - what chance does the rest of the industry have?". But their million dollar knight in shining armour has arrived. Danson, who also bought the New Statesman from Geoffrey Robinson, shows signs of building himself a media empire.

Source: Guardian.co.uk