Trinity Mirror share price jumps as it nears £200m deal to buy Local World

 
Kasmira Jefford
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Trinity Mirror's stock was up seven per cent in mid-morning trade (Source: Getty)
Shares in Trinity Mirror jumped on Monday morning, after it confirmed reports it was close to completing a takeover of regional newspaper group Local World for £200m, in a deal that will add more than 100 titles to its media empire.

Trinity Mirror's stock was up seven per cent to 148.75p per share in mid-morning trade.

Local World is run by ex-Trinity Mirror chief David Montgomery, who led the creation of the newspaper group in 2012 through the merger of Daily Mail & General Trust’s (DMGT) Northcliffe Media and Iliffe News & Media.

Trinity Mirror paid around £14m for a 20 per cent stake in Local World at the time of its merger. DMGT owns 39 per cent of the company, while Montgomery also owns a stake. Other backers include Odey Asset Management.

Talks to buy Local World have been ongoing since the Spring after facing opposition from the Liffe family, which owns a fifth of the company.

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