Trinity Mirror has announced that it will not be selling its regional news titles in the Midlands and South East, adding that it has agreed the sale of the Racing Post for £170 million.
Trinity Mirror said that it had failed to secure high enough offers for its regional titles.
In a statement released today, it said: “Ultimately it became clear that offers received for some of the group’s assets did not reflect the board’s assessment of their true value, their earnings potential or the strong positions they hold in their particular markets.”
It added that it would now develop the regional titles, “in print and digital to support the Group’s strategy of building a multi-platform media business”.
The group also announced today that it has sold the Racing Post to Dublin-based investment firm FL Partners for £170 million, £30 million below what they had hoped to get for the title.
In August, Trinity Mirror revealed that its operating profit for the 26 weeks ending July 1 increased by 5.9%, which it said reflected a more stable advertising environment (see Trinity Mirror Operating Profit Up).
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