Daily Mail owner offloads regional titles

Daily Mail and General Trust said this morning it will sell its regional titles to newly-formed media group Local World, led by tabloid veteran David Montgomery.

From the sale of its regional newspaper business Northcliffe Media, the Daily Mail parent company will receive £52.5m and a 38.7 per cent stake in the new media group.

The Iliffe family, which owns the Yattendon Group, will sell its regional media business to Local World for a 21.3 per cent stake in the new business, while Trinity Mirror will pay £14m for a 20 per cent stake.

Local World, which will be chaired by David Montgomery and headed up by current chief executive of Northcliffe Steve Auckland, will hold more than 107 print titles and 60 websites when the deal is completed.