Scottish media firm SMG is selling its publishing arm to US newspaper giant Gannett after all.

Earlier this month, SMG entered exclusive negotiations with the American group over the assets (which include the Glasgow-based Herald and Evening Times titles), but reportedly backed away from the deal when Gannett tried to lower its bid [WAMN: 19-Dec-02].

The two sides have now agreed a £216 million ($344m; €334m) price-tag, subject to approval by the Competition Commission. The regulatory review is expected to conclude by March.

Gannett, owner of leading American paper USA Today, will add the Scottish titles to the fifteen regional dailies and 200 weeklies in its UK division Newsquest.

SMG will use the cash to reduce debts as it seeks to focus on its TV and radio assets.

Data sourced from: multiple sources; additional content by WARC staff