Y Mail General Trust (DMGT) yesterday agreed to sell its majority stake in its loss-making Teletext business for an undisclosed sum.
DMGT will retain a minority stake in the company, which broadcasts on Freeview, while the majority holding will be sold to A&N Media, Teletext’s current management.
Teletext has also appointed a new chairman, Chris Letcher, who is set to manage the controlling stake in the firm. He said: “We have a strong business model and the focus will be on creating market leading digital distribution platforms and working with our travel partners to ensure we deliver the best holidays deals in the market.”
While Teletext switched off its news and information service in 2010, it continues to offer holiday, car and mobile commercial services.
DMGT also announced its subsidiary Hobsons has acquired US company Intelliworks for $13m (£8m).