United News & Media, publisher of the Daily Express, has announced a £3bn merger with MAI, the broadcasting and financial services group.
The merger will join United’s Daily and Sunday Express, Yorkshire Post and Exchange and Mart with MAI’s broadcasting companies Meridian, Anglia and Channel 5 and its financial broking and exhibition companies.
The deal is the first of an expected wave of media mergers in anticipation of a deregulatory broadcasting bill now before parliament. The bill would allow newspaper groups to take over television companies, and vice versa, for the first time.
Lord Stevens, the Conservative peer who is chairman of United, will become chairman of the enlarged group and Lord Hollick, the Labour peer who is managing director of MAI, will become chief executive of the as yet unnamed company.
MAI: 0171 800 1900
United News & Media: 0171 921 5000
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