Guardian Media Group sells its stake in Trader Media Group to private equity firm
Move will raise at least £600 million the Guardian’s publisher says
The Guardian Media Group said today that it has sold its stake in Trader Media Group to private equity firm Apax Partners. The PE had bought a 49.9 percent stake in the group in 2007.
The move will raise between £600m and £700m for the publisher of The Guardian newspaper.
“This proposed transaction makes strategic sense as we focus GMG’s activities on award-winning digital and print journalism. On completion, the sale proceeds will strengthen our balance sheet and position us for further investment and growth in our core business,” Andrew Miller, the chief executive of Guardian Media Group, said.
Recently The New York Times sold off the Boston Globe in a move that many people saw similarly motivated.
Bank of America Merrill Lynch and Freshfields Bruckhaus Deringer were the advisors for GMG.