Mirror bids for Westminster
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Mirror Group and Independent Newspapers, the Irish newspaper group controlled by Tony O'Reilly, yesterday threw their combined hat into the ring for Westminster Press, the 60-strong group of regional titles being sold by Pearson.
The two companies, which share control of the Independent, are one of four groups bidding, sources close to the talks said. The two wrote yesterday to Lazard Brothers, the investment firm handling the auction.
Also confirmed as a bidder was Newsquest, the regional newspaper group, which yesterday sold pounds 12m worth of regional titles to Midland Newspapers, the struggling owner of the Birmingham Post. The deal will see the transfer of seven free newspapers and four magazines.
Other bidders for Westminster are thought to be Trinity, owners of the Thomson newspaper titles, and Northcliffe, the regional newspaper group owned by the Daily Mail & General Trust. United News & Media, also rumoured to be interested, is more likely to resume talks with Blenheim, the exhibitions company, leading to a possible deal within weeks.
Westminster Press is one of the last regional newspaper groups still held by a media conglomerate. Pearson, which has been investing heavily in television and electronic publishing, expects to raise pounds 300m from the sale, although bidders say the assets are worth far less.
At least two of the bidders believe the company, which includes the Northern Echo and the Brighton Argus, has been subjected to over-zealous cost-cutting by Pearson in advance of a sale. "They have been guilty of window-dressing, and any one who buys this will have to put money in," said a senior source.
Analysts confirmed that view last night, suggesting many of the titles suffer from plunging circulations and stagnating advertising revenues.
However, newspaper groups with existing UK titles could extract value from the chain, analysts said. And the eventual winner could sell some of the titles following a sale.
It is understood that John Makinson, the Pearson executive directing the sale, has prepared a backup plan to break up the group and sell parts to more than one buyer. The move is a second-best option, however, and a single buyer is still preferred.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments