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Shares of Trinity Mirror jumped nearly 10 per cent in early trading today after it confirmed the long-awaited takeover of rival Northern & Shell, owner of Express newspapers in a £126.7m deal.
The owner of the Mirror newspaper group will pay an initial £47.7m in cash to Richard Desmond’s Northern & Shell group, £59m to be paid between 2020 and 2023, plus shares worth £20m, according to Sky News.It will also put a one-off payment of £41.2m into the publisher’s pension scheme and has agreed a plan for further top-ups totalling £29.2m up to 2027.
Trinity Mirror had been in talks to buy the titles— including the Sunday Express, Daily Star and Daily Star Sunday, plus celebrity magazines OK! New! and Star— since autumn.
Trinity Mirror chief executive Simon Fox confirmed the news when he said: “This deal is a really exciting moment in Trinity Mirror’s history, combining some of the most iconic titles in the UK media industry.
“It is good for our readers, good for our customers and good for our shareholders. Northern and Shell’s titles have a large and loyal readership, a growing digital presence and a stable revenue mix and offer an excellent fit with Trinity Mirror.”