Daily Mail sells regional papers to David Montgomery

The Daily Mail and General Trust (DGMT), owner of the Daily Mail, is to sell its regional newspaper arm to a new company led by newspaper veteran David Montgomery in a major shake-up of the newspaper market.

The Daily Mail and General Trust (DGMT), owner of the Daily Mail, is to sell its regional newspaper arm to a new company led by newspaper veteran David Montgomery in a major shake-up of the newspaper market.

The media company will sell its Northcliffe Media arm for £52.5m to a new joint venture, Local World, which will also combine the regional newspaper assets of Iliffe News & Media. Part of the cash will go into DGMT's group pension funds, with the remainder being used for acquisitions in line with DMGT's acquisition strategy.

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