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Trinity Mirror taking over Star and Express titles
Posted on Friday, 09 February 2018 14:19
UK newspaper publisher Trinity Mirror is taking over UK papers the Daily Star and Daily Express, having agreed to pick up the publishing assets of Northern & Shell. Under the terms of the transaction, the buyer will pay GBP 126.70 million for the business, of which GBP 47.70 million will be in the form of an initial cash payment. A further GBP 59.00 million in cash will be due between 2020 and 2023, with the balance to be in shares. The assets being acquired also include subsidiary International Distribution 2018 and a 50.0 per cent stake in Independent Star. Other publications being added to Trinity Mirror’s portfolio through the deal are the Sunday People, Daily Record and the Sunday Mail, as well as celebrity news magazines like OK! and New! The acquiror has outlined a number of reasons for the acquisition, including the improvement of its print and editorial propositions, offering a larger audience to advertisers, enhancing its digital products and enabling it to save money while having a broader range of revenue sources. Completion of the takeover remains subject to approval by Trinity Mirror’s shareholders and is slated to follow by 28th February. According to Zephyr, the M&A database published by Bureau van Dijk, there have already been ten deals targeting newspaper publishers announced worldwide during 2018. The most valuable of these was worth USD 157.00 million and involved the Capital Group Companies upping its stake in Germany-based Axel Springer from 3.4 per cent to 5.0 per cent. Others targeted during this year to date include Italy-based Caltagirone Editore, which publishes the Leggo and Il Messaggero papers and received a USD 17.00 million injection from Amber Capital UK on 9th January. The Sports Seoul Company, Promotora de Informaciones and Independent News & Media were also among those to feature. © Zephus Ltd