The regional newspaper group Newsquest is in pole position to take control of SMG’s newspaper business after increasing its offer for the group to £215 million.
Newsquest, which is owned by the US newspaper group Gannett, and a consortium led by Independent News & Media are now the only two bidders for the SMG titles which include the
Herald,
Sunday Herald and
Glasgow Evening Times.
The Barclay Brothers, who own The Scotsman and Scotland On Sunday, were believed to have made the highest offer, in the region of £230 million, but were excluded from the auction after concerns over competition and regulatory issues were expressed (see Barclay Brothers Said To Be Out Of Herald Bid).
Reports over the weekend stated that the Independent, backed by Providence Equity Partners, was not willing to become embroiled in a price war, leaving the way clear for Newsquest to secure the titles and increase its share of the regional newspaper market.
