The Sentinel and This is Staffordshire's owners sold to new media group
THE company behind The Sentinel and This is Staffordshire is to be sold by its current owners the Daily Mail.
The Daily Mail General Trust (DMGT) today announced it has reached an agreement to sell Northcliffe Media to Local World, a newly-formed media group that will combine Northcliffe titles with those of Iliffe News & Media Limited.
As well as the Sentinel, Northcliffe Media owns around 80 other newspapers and dozens of websites.
Local World will become one of the UK's leading regional newspaper publishers, online content providers and local advertising platforms, with more than 107 print titles and 60 websites.
DMGT will contribute more than 80 titles to the new venture, with another 36 coming from Iliffe News & Media.
DMGT will receive consideration of £52.5m in cash and a 38.7 per cent shareholding in Local World.
The Iliffe family will have a 21.3 per cent shareholding and Trinity Mirror, publishers of the Daily Mirror, will have a 20 per cent shareholding in Local World.
The remaining Local World shares will be purchased by other investors.
Steve Auckland, the current chief executive of Northcliffe, will become CEO of Local World.
In a statement today he 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, to its local audiences in the UK.
"The new company will be well-resourced, entrepreneurial, and able to respond quickly to the differing requirements of local communities."