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Former Mirror chief seals regional newspaper shake-up

Published on Nov 21, 2012 4:16 PM

LONDON (REUTERS) - The Daily Mail has agreed to sell its regional titles to a new company led by tabloid veteran David Montgomery in the biggest shake-up of the British newspaper market for years.

Under the plans, the new group will be called Local World and will reach a weekly newspaper audience of 6 million readers and 7 million online users, through its 107 print titles and 60 websites.

The Daily Mail will sell its titles to the new company for 52.5 million pounds (S$106 million) and receive 39 per cent of the new media group.

The Iliffe family, which owns the Yattendon Group, will take a 21 per cent holding in return for their 36 titles, while rival newspaper publisher Trinity Mirror will pay 14 million pounds to take a 20 per cent equity stake. It will not sell any titles to the new group.

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