Gannett Bid For SMG Titles Referred To Competition Authorities
The proposed takeover of SMG’s publishing unit by the regional newspaper group, Newsquest has been referred to the Competition Commission.
The Competition Minister Melanie Johnson took the decision after Gannett, the parent company of Newsquest, applied for permission to acquire the titles, which include The Herald, Sunday Herald and Scotland on Sunday.
SMG put its publishing division up for sale in September in order to reduce debts and focus on its core operations of television and radio (see SMG To Sell Publishing And Online Business). The auction attracted considerable interest with as many as ten prospective buyers tabling bids for the Scottish publications (see Publishing Giants To Compete For SMG Titles).
Newsquest emerged as the favourite to buy the titles after upping its bid to £215 million (see Newsquest Favourite To Take Over Herald Titles), an offer which Independent News & Media, the only other remaining suitor, was unwilling to match.
The Competition Commission will report its decision by 10 March 2003.
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