27% Slice Of The Delicious Pie For GMG

Guardian Media Group has acquired a 27% stake in the consumer magazine company, Seven, in a move that makes its the largest single shareholder.

The acquisition comes as Seven plans to launch a new title and inject £4 million to expand existing title Delicious, which was launched three months ago.

Delicious was launched in the UK after becoming leader in its home market, Australia. It was launched with support from a host of celebrity chefs including Jamie Oliver and Gordon Ramsay and was voted Magazine of the Year in 2003.

Seven publishing limited, was set up in June last year by a high profile media team. The managing director, Seamus Geoghegan, is a former director of BBC Worldwide and chairman, Michael Potter, has already achieved success as the founder and chief executive of Redwood Publishing.

Geoghegan told the Guardian: “For a company like Seven to have a trade investor like GMG is a fantastic shot in the arm.” Last year GMG paid £593 million to take full control of Trader Media Group, publisher of classified car advertiser Auto Trader.

Guardian Media Group: 020 7278 2332 www.gmgplc.co.uk

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