Daily Mail sells Teletext to management

Daily Mail and General Trust (DMGT) has agreed to sell a majority stake in Teletext to its management who will assume day-to-day operating control of the business.

Teletext has also appointed a new chairman, Chris Letcher, who had been working at the firm as a consultant for the last six months.

He will take the controlling stake in the firm which generated revenues of £11m in the year to the end of October, but recorded a small loss.

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"I see huge potential in Teletext Holidays given its strength as an online player and as television technology moves rapidly to a new future," Letcher said.

"We have a strong business model and the focus will be on creating market leading digital distribution platforms and working with our travel partners to ensure we deliver the best holiday deals in the market."

DMGT also announced its subsidiary Hobsons had completed the acquisition of Intelliworks for $13m (£8m).

It said US-based Intelliworks, which makes software for the higher education sector, complemented Hobsons' existing enrolment management solutions.