A triptych of Britain's largest regional newspaper groups has been cleared by trade and industry secretary Stephen Byers to bid jointly for Regional Independent Media, the Leeds-headquartered publisher of The Yorkshire Post and other regional newspapers.
The bidding trio – Gannett (UK), Johnston Press and Guardian Media Group – have agreed to co-operate in the bid as there are elements of RIM that present “a better commercial fit” for each of them. Gannett(UK), owned by the US newspaper group of the same name, will bid for all RIM titles, then sell-on individual publications to Johnston and GMG.
Based on the recent sale of Southnews to Trinity Mirror for £283 million [WAMN: 30-Oct-00], which equated to 400% of annual revenues, RIM should realise around £660 million.
News source: The Times (London)