1. Guardian Media Group, the parent company of The Guardian and Observer, just sold its prize asset, a half-share in Trader Media Group, to Apax Partners.
The Guardian itself reports that GMG got between £600 million and £700 million for the publisher of AutoTrader.co.uk - confirming long-held guesses that TMG is worth in excess of £1.2 billion.
GMG used to own all of TMG but sold 49.9% of it to private equity giants Apax in 2007.
GMG’s publishing division lost £30.9 million last year.
2. GMG’s CEO Andrew Miller says the deal will allow the company to focus on “digital and print journalism”.
GMG chair Neil Berkett says: “Once completed, this deal will make GMG a very well-capitalised media organisation with the financial flexibility to navigate the rapidly-changing media environment.”
While it once had a large and diverse portfolio, including the Manchester Evening News and a commercial radio group, only its stake in business publisher EMAP remains as a major non-Guardian investment.
GMG is controlled by the Scott Trust, a non-profit body that guarantees The Guardian’s editorial independence and survival.