The Guardian Media Group has announced that it has agreed to sell GMG Regional Media, publisher of the Manchester Evening News, to Trinity Mirror plc for a total consideration of £44.8 million.
In a statement just released by GMG, the business said that the deal included all the regional papers published by the group (some 22 titles in the North West and 10 in the South of England) and their associated websites, but excluded the Channel M broadcasting business and the firm's Woking-based titles.
Chief executive Mark Dodson and MEN Media MD Ruth Spratt are both set to leave the business, while David Sharrock, currently chief operating officer of GMG Regional Media, will now move to be MD of MEN Media.
Trinity bound
"GMG would like to pay tribute to all the staff for their hard work and achievement in a sector dealing with structural change as well as economic downturn.
Dodson: departing
Trinity Mirror , as one of the UK’s biggest regional publishers, is best placed to develop this business in a market that is likely to consolidate further. We are therefore confident that this decision is in the best long-term interests of the regional business and its staff, as well as delivering real value for the Group.Rumours of the proposed sale first broke towards the end of last year . It is now expected to be finalised by 28 March.
The agreement will be seen as a watershed, of sorts, in what has been a tumultuous period for the MEN and its sister operations.
The past year has since swingeing staff cuts, office closures , the departures of key individuals and the paring back of Channel M services , as the group fought to counter the economic situation and a concomitant loss of ad revenue.
Update: Staff at MEN Media have been told by management that the firm is now set to move its operations from Manchester city centre to Oldham.
A spokesperson for GMG informed How-Do that "Trinity Mirror propose to relocate staff in Scott Place to their premises in Oldham, and this will be discussed fully with staff and their representatives."
The move will see the paper leaving its spiritual city centre home and the relocation of many staff that were only recently moved into Manchester when the group's regional satellite newspaper offices were closed down.
Trinity currently prints MEN Media's stable of 22 newspaper titles at its facilities in Chadderton.
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