Trinity Mirror Sells Irish Titles To 3i For £46m
Trinity Mirror is to sell its regional newspaper businesses in Ireland to venture capital group 3i for £46.3 million, it announced this morning. The sale comprises Century Press and the Derry Journal groups, which together publish seven newspapers in Northern Ireland and the Republic of Ireland.
Sly Bailey, chief executive of Trinity Mirror, said: “These are tremendous assets to own but for Trinity Mirror there was limited strategic fit. We were pleased with the high level of interest in these titles and believe we have achieved a good price and realised value for our shareholders by their disposal.”
Trinity Mirror announced its intention to sell the businesses as part of a broader structural review instigated by Bailey in July this year (see Trinity Mirror Review Sheds NI Titles, Retains Nationals).
The titles include the world’s oldest continuously published English language newspaper – the News Letter in Belfast – first published in 1737.
Shares in Trinity Mirror were up by 0.5% at 537.5p by 10.30am today.
