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JPI Media, who owns The Scotsman, are in talks to break up and sell off its assets.

The group - who were formed last year when bondholders of the Johnston Press bought the publishers assets from administration - have set a deadline of Monday for offers for its title, according to Sky News.

Alongside The Scotsman, JPI Media also owns the i newspaper, the Yorkshire Post and several regional titles.

The news comes just weeks after JPIMedia's chief executive, David King, told staff that it was not engaged in a "formal sales process".

In a statement issued to Sky News on Monday, a spokesman for JPIMedia said: "The board of directors has recently appointed a financial adviser to better assess the current and future prospects for the business and its titles.

"We believe that our industry is undergoing substantial change and we are not immune from the changing trends in news consumption and rise of digital news alongside the decline in print advertising and circulation.

"Consolidation within the regional media industry is necessary, which is why we are actively exploring a number of options open to us. We will provide a further update in due course."

Sources said there were likely to be a string of suitors for the i, which has been a rare beacon of innovation in Britain's paid-for national newspaper market during the last decade.

The Scotsman and Yorkshire Post are also likely to attract interest from wealthy individuals, although questions remain about the viability of many of JPIMedia's smaller titles.

Potential bidders for one of Britain's largest newspaper stables could include Mediahuis, which recently agreed a takeover of Ireland's Independent News & Media, and regional publishers such as Archant and Newsquest.