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November 24, 2011

Telegraph: DMGT mulling Northcliffe sale

By admin

The Daily Mail & General Trust had appointed accountancy firm Ernst & Young to value its regional newspaper arm Northcliffe Media ahead of potential sale, according to a report in The Daily Telegraph.

The paper claimed that the results of Ernst & Young’s ‘vendor due diligence” review show the value of Northcliffe has fallen from £1.5bn to £150m in less than five years.

The Telegraph also reports that in 2005 DMGT pulled out out of a planned sale of Northcliffe because bids failed to match its then £1.5bn valuation.

The report said:

Earlier this year DMGT hired a new management team to run Northcliffe and sources suggest that progress has been made in improving the business.

However, the company faces a difficult environment and DMGT could decide to bundle together smaller groups of papers and sell them off separately.

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Yesterday DMGT announced that its operating profit fell 37 per cent in the last financial year, and revenue was down 10 per cent to £236m.

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