The Week: City news - Johnston to raise £200m

Johnston Press has announced it plans to raise more than £200 million in new equity to fight the effect of falling advertising revenues, in part through issuing cut-price shares.

The group, which publishes more than 300 regional and local papers, hopes to raise the equity through a £212 million rights issue combined with selling a 20 per cent stake to the Malaysian investment holding company Usaha Tegas.