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The Guardian - UK
The Guardian - UK
Business
Steve Busfield

What now for Northcliffe?

Anxious times for the 8,000 employees of the Daily Mail and General Trust's regional newspaper arm.

DMGT this morning unveiled declining revenues at Northcliffe Newspapers and promised that it would soon unveil it plans for the regional newspapers.

The Daily Telegraph this morning speculated that one plan is to sell off some of its papers in the south east of England.

At the weekend the Sunday Times suggested that Scottish titles could be for sale.

DMGT had planned to sell the whole lot, with an asking price in the region of £1.5bn. It is believed that no-one offered more than £1bn. The Times speculated that one major problem for the sale was the company's pension scheme.

DMGT launched a productivity and cost cutting plan euphemistically called Aim Higher. At first it was believed the scheme was intended to make the business look like a leaner and yet tastier target for potential buyers. Now it is make the business more profitable. Always a journalist's favourite Aim.

Now it is a question of waiting for the next pronouncement...

Which came today (Monday 27 March) with the announcement that the Aberdeen Journals are indeed being sold and that Northcliffe will merge with Associated, and that shareholders are to be given £50m a year in share buybacks.

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