In addition to the classified automotive business Trader Media, which has proved highly profitable, the group's radio division could also be sold off.
Weekend press reports claim that an investment bank will be appointed in the next few weeks, but differ on the value they attribute to the assets. GMG-owned The Observer puts the total value at £1.7bn and The Sunday Times a conservative "more than £1bn".
The Sunday Times quotes GMG sources as saying that the company was reluctant to invest in Trader Media given the increasing pressure on print classified advertising from the online sector, but also that a sale was not inevitable.
If Trader Media came on to the market, the level of interest will provide another measure, alongside the price Northcliffe Newspapers may go for, of how resilient buyers believe offline income streams will be over the long term.
Trader Media was bought in 2003 for £600m and the £84m profit it made last year helped GMG pay for the £80m investment in new printing presses for The Guardian and The Observer.
GMG's radio division, which includes Smooth FM and Real Radio, although improving, only made a £1.5m operating profit last year, and the board may take advantage of the interest shown by Chrysalis in acquiring the whole division.
GMG also owns the Manchester Evening News and 40 other paid-for and free regional titles, although there was no mention in the reports if they will form part of the review.
GMG is controlled by the Scott Trust, which is entrusted to secure the financial and editorial independence of The Guardian in perpetuity.
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