CVC Capital has been named as one of the private equity investors interested in taking over Trinity Mirror, the publishing group that owns the Daily Mirror, Sunday Mirror, The People and a number of regional newspaper titles.
CVC Capital, which also made a bid for the Telegraph Group earlier this year, is believed to be working out how much it is prepared to pay for the company.
CVC declined to comment on the reports and the Daily Mirror denied an approach was made.
Last week, Trinity Mirror revealed advertising revenues across the group had risen by 4.2% for the year, boosted by a strong performance by the regional titles.
Sales of its flagship Daily Mirror fell to 1.7m in October, 9% down on the year yet circulation rose 3.3% after price hikes.
Shares in Trinity Mirror, which also owns regional titles such as the Liverpool Post & Echo, were up 2.81% or 17p to 622p from Friday's close of 605p.
However, despite chief executive Sly Baily's best efforts, the group's shares are a long way adrift of the 12-month high of 697p two months ago.
Bailey has been working to cut costs and boost synergies between the group's national and regional newspaper businesses. She has already ruled out the idea of selling the national titles and concentrating on the more profitable, but less prestigous, regional titles.
Last year, Trinity Mirror sold its Irish newspaper business to the venture capital group 3i in a £46.3m deal. The deal included the News Letter in Belfast, as well as the Derry Journal and the Donegal Democrat.
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