Trinity Mirror to acquire Guardian Media’s Regional Media for £44.8 million
09 Feb 2010
Trinity Mirror Plc today said that it is acquiring Guardian Media Group's Regional Media for £44.8 million to reinforce its commitment to regional media and complements the group's existing portfolio.
Included in the sale are both GMG Regional Media's subsidiaries, MEN Media which publishes the Manchester Evening News and 21 weekly titles in the North-West, and Surrey and Berkshire Media, which publishes ten titles in the South-East including the Reading Post.
The deal excludes GMB's Channel M, the TV station for Greater Manchester and the two local newspapers in Woking.
''This acquisition reinforces Trinity Mirror's commitment to regional media and complements the Group's existing portfolio and marketplaces'', said Trinity Mirror in a statement.
The businesses of Regional Media made no operating profit in the 12 months to December 2009 and have gross assets of £8.7 million.
With 2008 revenues at 871.7 million pounds, Trinity Mirror, a FTSE 250 Index company based at Canary Wharf in London, is one of the UK's biggest newspaper group publishing five National newspapers , over 120 regional newspapers and has more than 400 digital products.