Talks with investors to purchase Sunday People from Trinity Mirror ended, thus shelving plans to make the British tabloid into a new look newspaper. The goal was to fill in the void that the News of the World had left after the scandal that rocked Rupert Murdoch's conglomerate.
The British newspaper group Trinity Mirror, owned by Sunday People said that investors with an earlier interest in the purchase had ended.
A spokesperson for the consortium of investors declined to provide any comment on why the talks had bogged down. The investor group was headed by former editor of Fleet Street Sue Douglas. She is joined by Phoenix Ventures in the exploratory discussions to purchase the tabloid.
The Sunday People was founded in 1881 and is a celebrity gossip tabloid that reaped benefits upon the closure of the News of the World as a result of the phone hacking scandal that rocked it in 2011. The Sunday edition of The Sun though has steadily eroded these gains made by Sunday People.
Both The Sun and News of the World are owned by News International, the British unit of News Corp of Rupert Murdoch.
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