Private equity group, Cinven, has stepped down from bidding for Daily Mail & General Trust’s regional newspaper arm, Northcliffe Newspapers, following Trinity Mirror’s recent withdrawal, according to a report in today’s Times.
Cinven’s departure leaves the way open for interested parties including US publishing group Gannett Co Inc, Providence, Johnston Press, CVC and Providence.
DMGT confirmed in November that it was putting Northcliffe Newspapers up for sale, with the decision made following a strategic review of the business revealed the need for restructuring in order to compete with competitors such as Trinity Mirror and Johnston Press (see Northcliffe Sale Marks ‘Turning Point’ For DMGT).
Northcliffe, which currently owns over 100 regional titles, could be worth around £1.6 billion to a competitor or private equity firm, according to analysts.
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