Trinity gains on local paper link-up with rival DMGT
Shares in Trinity Mirror jumped nearly 8 per cent yesterday after the media group admitted it could be joint owner of a new regional newspaper business alongside its rival Daily Mail and General Trust.
DMGT yesterday confirmed it is looking to sell its estimated £100m stake in regional newspapers business Northcliffe Media.
Meanwhile, Trinity said that it "is in discussions towards taking a minority interest in a new company comprising the assets of Northcliffe Media and Iliffe News & Media, a division of Yattendon Group".
It is believed that it would not be a straight cash deal, with DMGT also accepting an interest in the new group, which is set to be called Local World.
The new venture could see a lead role for former Mirror chief David Montgomery who last year set up a London-registered company called Local World.
The two groups were cagey about progress on the deal yesterday. DMGT confirmed that "No deal or transaction has been agreed" for Northcliffe, which comprises 84 newspapers across the country as well as 26 local news sites.
Trinity, which owns more than 130 regional daily and weekly newspapers, confirmed no offer has been made at this stage. Northcliffe's key titles include The Bristol Post and Derby Telegraph. Trinity's regional papers include Manchester Evening News and Newcastle Journal.
Yattendon is a privately owned media group that used to run the Birmingham Post and Coventry Telegraph, now owned by Trinity. It publishes 28 daily and weekly papers.
It is believed Trinity will keep its titles out of the new business, but that would not ease fears of further consolidation and closures.
Shares in Trinity rose 4p to 55.25p, while DMGT fell 0.75p to 472p.
- 1 King Salman: Just five days in, Saudi Arabia's new king has already overseen a beheading
- 2 The BBC has just done more to eradicate ‘terrorism’ than all our wars since 9/11
- 3 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 4 Presidential optical illusion offers clues to how brain processes faces
King Salman: Just five days in, Saudi Arabia's new king has already overseen a beheading
Auschwitz liberation 70th anniversary: Woman sent to three Nazi death camps describes surviving gas chamber
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Ukip Jelly Babies cause uproar on Amazon
Chilling drone footage captures Auschwitz ahead of 70th anniversary of liberation
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
iJobs Money & Business
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...
£25000 - £35000 per annum: Recruitment Genius: A Technical Report Writer is re...
Competitive salary & benefits!: MBDA UK Ltd: MBDA UK LTD Indirect Procurement...
£16500 - £16640 per annum: Recruitment Genius: This fast growing Finance compa...