Johnston Press said today it was in late stage talks with Iliffe Media for the potential sale of certain titles, as the publisher looks to sell non-core assets to reduce debt. 

Shares in Johnston Press, which publishes the "i" newspaper, the Scotsman and the Yorkshire Post, rose as much as 14.75% today. 

The newspaper industry has been hammered in recent years as advertisers have followed readers to online platforms, forcing print publishers to cut costs drastically.

Johnston Press, which faces a fall in circulation at its publications, said there was no certainty that the talks would lead to a sale. 

"This disposal process is ongoing and a further announcement will be made when appropriate," the company said in a statement. 

Iliffe News and Media Ltd, a family-owned publisher of newspapers, magazines and websites, was not immediately reachable. The company currently distributes its publications in locations including Hertfordshire, Suffolk, Essex and Cambridgeshire. 

Johnston Press, which has lost more than 90% of its market value since May 2014 and has been hit by falling advertising spending, recently had its credit facility cut by half to £12.5m. 

The company said in July it would sell its Isle of Man titles to Tindle Newspapers for £4.25m. 

Crystal Amber Fund, which said in September that it had raised the stake in Johnston Press to 6.74% and offered to help the company avoid a poor debt restructuring deal, did not comment on the possible divestiture.