MGN Takes A Further 5% Of STV

Mirror Group Newspapers has lifted its stake in Scottish Television by 5% to 19.99%; this is the maximum it is allowed to hold under current media cross-ownership rules. Last month it bought 14.9% at 520p each; its total investment in STV is now over £50m.

A statement from STV said, “The purchase of the balance of 5% of STV shares was anticipated…MGN has reiterated its announcement of support for STV and its management.”

MGN has said it wants to explore ways of jointly developing its own and STV’s operations for mutual benefit, and it did not believe both companies had to come under common control to achieve these benefits.