Guardian Media Group to sell 50.1% stake in Trader Media Group

Guardian, Observer and theguardian.com publisher to invest sale proceeds, thought to be £600m to £700m, in core businessGuardian Media Group is selling its 50.1% stake in Auto Trader owner Trader Media Group to private equity firm Apax Partners in a deal thought to be worth £600m to £700m to the Guardian publisher.The sale to Apax, which bought 49.9% of Trader Media Group in 2007 and has been GMG's joint venture partner in the business since then, is thought to give TMG an enterprise value of about £1.8bn. The exact financial details of the deal were not revealed.GMG's sale of the TMG stake is subject to reguatory approval and final completion.Andrew Miller, the chief executive of GMG, said: "This proposed transaction makes strategic sense as we focus GMG's activities on award-winning digital and print journalism. On completion, the sale proceeds will strengthen our balance sheet and position us for further investment and growth in our core business."Neil Berkett, the chair of the GMG board, said: "Once completed, this deal will make GMG a very well-capitalised media organisation with the financial flexibility to navigate the rapidly-changing media environment, where our flagship titles are proven pioneers of digital and print innovation."The Scott Trust, sole shareholder in GMG, has given its approval for the proposed sale and authorised the company board to reinvest the proceeds to enable it to continue to safeguard the Guardian's editorial and financial... Continue reading at 'The Guardian'

[ The Guardian | 2014-01-21 00:00:00 UTC ]

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Hour Media Group Acquires Emmis Magazines for $6.5 Million

Personnel changes hit Los Angeles Magazine as new owners lay off publisher, EIC. The post Hour Media Group Acquires Emmis Magazines for $6.5 Million appeared first on Folio:. Continue reading at Folio Magazine

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Connect Group sells Education and Care division

Connect Books’ parent company has sold off one of its businesses for a value of £64.4m. Continue reading at The Bookseller

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Pearson to sell its stake in Penguin Random House

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Pearson to Sell Stake in Penguin Random House

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Radio Times likely to be bought by German media group

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Bauer Media Group USA Appoints Steven Kotok as CEO

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Pearson and Dow Jones sell stakes in Russian newspaper

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