Daily Mail proprietor Viscount Rothermere has moved to increase his control of Daily Mail and General Trust, according to the Financial Times.
Rothermere, through his Rothermere Continuation Limite family trust, is looking to add to his current 59.9 per cent share of voting rights.
The FT reports that a “definitive agreement” has been reached with the Esmond Harmsworth 1998 Settlement – the trust which owns shares for Viscount Rothermere’s uncle – for the Rothermere trust to increase its ownership of the voting shares to 89.2 per cent.
The report also said that the trust has offered to acquire the remainder of ordinary DMGT voting shares, which are held by family members and nominees.
Under the deal with his uncle, the Esmond Harmsworth trust will swap its voting shares for non-voting shares.