View all newsletters
Sign up for our free email newsletters

Fighting for quality news media in the digital age.

  1. Comment
July 2, 2015

Trinity Mirror ‘blocked’ from buying Local World and reportedly focusing on Express

By William Turvill

Trinity Mirror has reportedly been blocked from making a bid to buy Local World.

Press Gazette revealed earlier this year that Trinity – which publishes the Daily Mirror, Sunday Mirror, Sunday People as well as a number of regional and local titles – was seeking to buy the company.

This came after reports that the publisher was interested in purchasing Express Newspapers – publisher of the Daily Express, Sunday Express and Daily Star titles – from Richard Desmond.

The Guardian reports today that Trinity Mirror is “zeroing in” on a deal to buy the Daily Express after its efforts to buy Local World were thwarted. But a Trinity Mirror source told Press Gazette this was “wide of the mark”.

The Daily Mirror owner paid £14.2m for a 19.98 per cent stake in Local World when it was founded through a merger between Daily Mail and General Trust (which owns a 38.73 per cent stake) and Iliffe News and Media (which owns 21.3 per cent).

This week, it emerged that Trinity Mirror made £8.7m from Local World – which is headed up by former Trinity Mirror chief executive David Montgomery and backed by private equity firms including Odey Asset Management and investment fund Artefact Group – in 2014.

A well-placed source told Press Gazette in March that Trinity Mirror was prioritising the purchase of Local World ahead of any deal for Desmond’s titles.

Content from our partners
MHP Group's 30 To Watch awards for young journalists open for entries
How PA Media is helping newspapers make the digital transition
Publishing on the open web is broken, how generative AI could help fix it

However, The Guardian today reports that Lord Iliffe, chairman of Yattendon Group, which Iliffe News and Media is a part of, has blocked the move.

And The Guardian reported that seeking a deal with Desmond is now the priority. It reported that Express Newspapers would be worth around £70-80m but that Desmond would push for closer to £100m.

Topics in this article : , ,

Email pged@pressgazette.co.uk to point out mistakes, provide story tips or send in a letter for publication on our "Letters Page" blog

Select and enter your email address Weekly insight into the big strategic issues affecting the future of the news industry. Essential reading for media leaders every Thursday. Your morning brew of news about the world of news from Press Gazette and elsewhere in the media. Sent at around 10am UK time. Our weekly does of strategic insight about the future of news media aimed at US readers. A fortnightly update from the front-line of news and advertising. Aimed at marketers and those involved in the advertising industry.
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy Policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network