DMGT completes sale of Northcliffe regional newspapers to Local World

Local World.JPG

Daily Mail and General Trust has announced the completion of the sale of its regional newspaper titles to the Local World consortium for £52.5m

In a statement, DMGT said that £30m of that total will be paid into the Northcliffe staff pension fund which will now be managed by DMG Holdings,the umbrella company for DMGT's various assets.

Under the deal the Northcliffe titles have merged with Iliffe News and Media, with DMGT keeping a 38.7 per cent stake in the new venture and Iliffe owner Yattendeon Group taking a 21.3 per cent holding.

Trinity Mirror has acquired a 20 per cent stake in the new venture for £14.2m. The remaining 20 per cent of Local World is owned by investors including Lord Ashcroft’s Artefact Group and Odey Asset Management

The Local World group of titles made £29m profit on revenue of £249m for the year to 30 September 2012.

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