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    "The Guardian" Just Got A £600 Million Payday

    The money from the sale of Trader Media Group could finance its news operations for many years.

    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 - 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.

    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.

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