Buyer is found to salvage Morgan's magazine venture

Press Gazette, the media industry trade magazine owned by Piers Morgan and Matthew Freud until it went into liquidation three weeks ago, may have found a new buyer.

Tony Loynes, who ran Press Gazette for nine years until 1995, has been in talks with administrator Robert Allen of Vantage. The magazine, founded 41 years ago, ceased to publish last week after administrators said it was no longer viable. As owner, PR man Mr Freud ploughed more than £1m into the project when he and Morgan bought it in May 2005, but decided to stop bankrolling it a month ago. Morgan is thought to have lost about £250,000.

When it closed, Press Gazette was making losses of around £14,000 a week.