Mecom sells German newspapers to help reduce debt

David Montgomery’s European newspaper group, Mecom, has succeeded in finding a buyer for its German titles.

M DuMont Schauberg has bought the German business – including titles such as the Hamburger Morgenpost and Berliner Zeitung – for £135m (€152m).

Mecom said the titles were read by about a million people each day, with a further three million unique users visiting their websites.

The London-listed group confirmed shortly before Christmas that it had received approaches “for a number of assets”.

Mecom needs to raise cash to hammer away at its debt levels after it was found in December to be in breach of one of its banking covenants.

The publisher has until February to get its finances back in order. Mecom still owns titles in the Netherlands, Denmark, Norway and Poland.

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