Shares in the Daily Mail on the London Stock Exchange have slipped in London today (November 21st) after the newspaper announced it is selling its regional newspaper arm to a new company.
Led by tabloid veteran David Montgomery of the Mirror Group, Local World is purchasing Northcliffe Media for £52.5 million, which will also combine regional assets of the Iliffe newspaper group.
Local World has revealed the deals will give it control of 107 newspapers and 20 websites and said the business it is acquiring will bring six million readers and seven million news site users.
Chief executive of the new organisation Steve Auckland said: "Local World will be a comprehensive local content provider, offering the best and most trusted source of news, views and advertising in print, online and mobile."
At 12:10 GMT, shares in Daily Mail and General Trust on the London Stock Exchange retreated by 0.4 per cent to 470.75p.
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