Herald owners in talks over sale

Trinity Mirror has confirmed it is in talks about a takeover of regional newspaper group Local World which owns the Plymouth Herald and the Western Morning News.

The company is reportedly considering a deal worth £200m to acquire the remaining 80% of the group it does not own from investors including Daily Mail owner DMGT – which owns a 39% stake in the company – and Yattendon Group.

A statement from Trinity said: “The board of Trinity Mirror plc notes the recent media speculation and confirms that it is in discussions with Local World Holdings Limited for the potential acquisition of the shares not already owned by Trinity Mirror plc. There is no certainty that any agreement will be reached.”

Local World was formed in 2012 through a merger of DGMT’s regional newspaper division Northcliffe Media and Illfe News & Media. It runs over 100 titles mostly based in the Midlands and south of England.

The Express & Echo turned from a daily to weekly publication in 2011 but has since gone bi-weekly.

When it was opeating Daily, the Echo was selling about 17,000 copes a day. It now sells that amount a week, according to the latest available figures.

Trinity currently opearates more than local 250 titles, as well as the Daily Mirror, Sunday Mirror and Sunday People.

DMGT and Trinity shared around £25m in dividends from Local World in the last financial year after the group’s profits rose 1 2% to £43.6m.