UK multi-media and information company Daily Mail and General Trust Plc (LON:DMGT) said on Monday it was holding negotiations concerning the fate of its newspaper division Northcliffe Media.
The statement comes amid recent speculations that the media giant was considering the sale of the unit.
Daily Mail noted that so far no agreement regarding Northcliffe’s future had been concluded. The company will inform about the progress of the discussions in due course, it added without naming the other parties participating in the talks.
Meanwhile, newspaper publisher Trinity Mirror Plc (LON:TNI) came up with a statement saying that it was in talks to buy a non-controlling stake in a new entity to be formed with the assets of Northcliffe Media and Iliffe News & Media, a business of private British company Yattendon Group plc. Trinity Mirror has not yet submitted an offer in relation to the proposed deal, it added without elaborating.
The Sunday Times earlier reported that Daily Mail was negotiating the division’s sale with David Montgomery, a former head of the Mirror Group of newspapers, now known as Trinity Mirror. The transaction is seen to peg Northcliffe Media’s value at about GBP110m (USD177m/EUR137m). Daily Mail is expected to keep a stake in the planned joint business should the deal materialise.
Northcliffe Media publishes 84 newspapers in Britain, which are available to 5.8m readers.