Consolidation in print sector
Trinity Mirror in talks to acquire Express titles
Mirror move: Newspaper group prepares consolidation plan
Trinity Mirror, owner of the Daily Record and Daily Mirror, is in discussions to acquire the Daily Express and Daily Star in what could become a major consolidation in the declining print sector.
The company, whose titles include the Sunday Mail and Sunday Mirror, initially sought to buy a stake in the Richard Desmond-owned titles but is now looking to acquire the whole of publisher Northern & Shell.
It announced its interest in January, confirming long-running speculation, and in defiance of those who doubted the synergies between the left-leaning Mirror titles and the right wing Express. Northern & Shell also publishes OK! magazine.
Trinity Mirror this morning issued a statement which said: “Further to the announcement made on 10 January7 the Board of Trinity Mirror plc notes that it is now in discussions to acquire 100% of the publishing assets of Northern & Shell and that it has ceased discussions to acquire a minority stake in a new company comprising the publishing assets of Northern & Shell.
“There is no certainty that any transaction will be agreed or completed. Any acquisition would require the approval of Trinity Mirror shareholders. A further announcement will be made when appropriate.”
Former Mirror Group editor David Montgomery announced in May that he was considering a bid of his own. Bank of Ireland and private equity investors were looking at backing Mr Montgomery’s vehicle, National World.